How does SB 62 affect MSEP 2000 employees?
If approved by the Governor, SB 62 will only affect members of the MSEP 2000 who are or who become terminated-vested* within the window decided upon by the board.
Below is a summary:
� The legislation gives the MOSERS Board the authority to establish and offer a buyout program to terminated vested members in lieu of retirement annuity benefits otherwise payable � but it does NOT require the board to do so.
� Members who make an election to accept such a buyout will forfeit their credited service and, if they return to state employment, will be considered a new employee.
� The authority for the board to establish such a program ends 5/31/2018.
The vesting requirements for members of MSEP 2000 or MSEP will not be changed.
MOSERS will provide more information via our website and social media when the Governor acts on this legislation. Please ensure that both your email and mailing address are up to date with MOSERS so that you will receive important information from us if you are affected by any new legislation.
*A terminated-vested member is someone who has left state employment but has enough service to qualify for a pension benefit in the future once they also reach the age requirement for retirement.