I have heard rumors of letters going out in September offering current retires a lump sum pay out on their retirement. Is this true?No. Members who are already retired are not eligible for the Buyout Program. The Buyout Program is voluntary and allows vested former state employees (who meet all eligibility requirements) to elect to cash out their future monthly retirement benefit in exchange for a lump-sum payment now. We will mail a letter and application to eligible members during the month of September.
You are NOT eligible to participate in the Buyout Program if:
• You have been employed by the State of Missouri at any time after June 30, 2017 in any position covered by MOSERS or MPERS.
• You would have reached normal retirement age and are eligible to receive a normal retirement annuity from MOSERS before December 1, 2017 (this includes all current retirees).
• You have applied for or you are receiving early retirement benefits from MOSERS.
• You are a member of the Missouri State Employee Plan 2011 and are eligible for a refund of your employee contributions under section 104.1091, RSMo, and the amount of the refund would be greater than the amount of the buyout payment otherwise payable under the Buyout Program.
• You left state employment between October 1, 1984 and September 1, 2002 and are eligible for a cash out of your future retirement annuity under section 104.335.6, RSMo.
• You are subject to a Division of Benefit Order ("DBO") issued by a court under sections 104.312 or 104.1051, RSMo, during a divorce proceeding.
The Buyout Program was authorized under Senate Bill 62, which was enacted in 2017.
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