MO Retirement Series Questions: MPERS Members
2016 State Employee Recognition Day
GAME OVER! Thank you to everyone who participated in the MO Retirement Series. We had a record-breaking number of submissions, so please be patient as we compile all the entries. We hope you enjoyed this year’s game and learned a little something about your retirement benefits too. Thanks again for your participation. You can find the answers to the questions below.
The following MO Retirement Series questions are for MPERS members only. If you're a member of the MOSERS retirement system, your questions can be found here.
Download an official scorecard to keep track of your responses.
1st Inning Question
When calculating your retirement benefit, MPERS takes into account your highest 36 months of salary, your last 36 months of salary, or your highest consecutive 36 months of salary?
Hint: http://www.mpers.org/members/retirement-benefits/benefit-formula/
Answer: Highest consecutive 36 months of salary
2nd Inning Question
Understanding where your money will come from when you decide to hang up the cleats is important. If you retire from state employment, what will be the major sources of retirement pay?
Hint: View Part 1 of the deferred comp plan’s Completing the Retirement Paycheck Puzzle webinar for a quick rundown of retirement pay sources.
Answer: Defined Benefit Plan or Pension, Social Security, Personal Savings
3rd Inning Question
PreRetirement Seminars are held annually for members within 5 years of retirement eligibility. These seminars cover various topics related to decisions you will need to make before you retire and at the time of retirement. There are seminars located throughout the state. What is the exact location of the 2016 seminar in West Plains, MO?
Hint: http://www.mpers.org/members/seminarscounseling/pre-retirement-seminars/
Answer: West Plains Civic Center
4th Inning Question
Generally speaking, what’s the optimal number of Target Date Funds a saver should invest in?
Hint: The deferred comp plan’s first quarter edition of the Simply Put newsletter gives you the lowdown on target date funds.
Answer: One
5th Inning Question
Benefit Statements are an important “snapshot in time” of your state-sponsored benefits, including retirement. How often does MPERS send Benefit Statements to its members?
Hint: Log on to Secure Member Access to view a history of your Benefit Statements: https://goo.gl/zQr7Sp
Answer: Annually (usually in the Spring)
6th Inning Question
When can you enroll in the deferred comp plan?
Hint: Watch this video from the deferred comp plan’s America Saves Week festivities to learn exactly when employees can enroll.
Answer: Any time
7th Inning Question
Benefit specialists are usually the first point of contact with members have regarding the benefits provided by MPERS. Name one of the MPERS benefit specialists.
Hint: Who are your benefit specialists? Visit http://www.mpers.org/about-mpers/meet-mpers-staff/ to find out.
Answer: Mary Jordan, Jamie Mullen or Bev Wilson
8th Inning Question
Name 1 of 3 fee-related questions you should ask any prospective financial adviser before working with them.
Hint: This handy checklist has a load of important questions you should ask financial advisers, including the answers to this question.
Answer: What’s the admin fee, what’s the expense ratio for the prospective investment, will the prospective carry a front-end load?
9th Inning Question
Disability insurance protects your ability to earn an income in the event that you become disabled. Active members of MPERS receive a basic level of disability insurance as part of their employment package. If you are approved for a non-work related disability, what is the maximum percentage of your pre-disability earnings that the disability insurance will replace?
Hint: http://www.mpers.org/members/disability-benefits/
Answer: 60%
Bonus Question
Just like spring training helps ball players sharpen their skills, ongoing financial education can keep state employees in the game too. What is the location of Jonathan Binkley’s Completing the Retirement Paycheck Puzzle seminar at 9 am on June 28, 2016?
Hint: Event registration is a great place to view and sign up for upcoming individual appointments or seminars.
Answer: Missouri State Fairgrounds