Retirement Terms 101

Watch: Benefit Basics – Retirement Terms 101

How Much is My Benefit?

MPERS stands for the Missouri Department of Transportation and Highway Patrol Employees’ Retirement System. It’s a defined benefit plan — meaning your retirement benefit is calculated using a formula, not based on how much you save.

Learn more about the benefit formula →

What Plan Are You In?

The date on which you were first hired in a benefit-eligible position will determine your membership in the Closed Plan, Year 2000 Plan or 2011 Tier.

Learn what plan you are in →

When Can I Retire?

Your eligibility depends on your age and how long you’ve worked in a benefit-eligible position.

Learn more about your retirement benefits →

What is Service Credit?

Service credit is the amount of time you’ve worked in a benefit-eligible position. It’s one of the key factors used to calculate your retirement benefit. The more service credit you earn, the higher your benefit may be.

In some cases, you may also be eligible to purchase additional service credit for prior public service, military duty, or other qualifying periods, which can increase your benefit or help you reach retirement eligibility sooner.

Learn more about purchasing service credit →

What is BackDROP?

BackDROP is a payment option available to eligible retirees. It allows you to receive a lump-sum payment in addition to your monthly benefit, based on the time you worked beyond your normal retirement eligibility.

Learn more about the BackDROP →

What Does It Mean to Be Vested?

Being vested means you’ve earned enough service credit to qualify for a future retirement benefit, even if you leave your job before reaching retirement age. Vesting typically occurs after five years of service.

Learn more about vesting →

What Happens After I Retire?

You’ll receive your benefit on the last working day of each month. MPERS will also send you an annual statement showing your benefit amount, cost-of-living adjustments (COLAs), and other important details.

Learn more about cost-of-living adjustments (COLAs) →

What If I Go Back to Work?

Returning to work after retirement can affect your benefits, depending on the type of job and your plan. It’s important to check with MPERS before accepting a new position.

Learn more about reemployment after retirement →