If the MOSERS retirement fund is only 69.6% funded currently and that figure does not go up or only goes up a little by the time I am eligible to retire in 5 years then does that mean I will only getNo. MOSERS pays 100% of the promised benefits due to members. The funded status (technically the unfunded actuarial accrued liability or UAAL) of the retirement system is separate from the formula that is used to calculate your MOSERS retirement benefit. We are not a “pay-as-you-go” system, rather we are pre-funded through contributions from the state, contributions from members who were first employed on or after January 1, 2011, and from investment earnings. The funded status refers to the value of assets we have currently relative to all present and future liabilities.
69.6 % of what I am supposed to get on my monthly pension?
MOSERS provides a defined-benefit pension. That means the benefit is defined by law and based on a formula as shown here:
Final Average Pay (FAP) x Credited Service x Multiplier = Monthly Base Benefit
The multiplier is determined by your plan (1.6% for MSEP; 1.7% for MSEP 2000/MSEP 2011). We encourage you to explore the section of our website called “What Plan Am I In?” to read more about the specific provisions in each plan.
We have answered many Rumor Central questions on system funding recently that you may also find helpful.
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