The Pensioner: Looking Forward
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Welcome to the digital MPERS newsletter! The Pensioner: Looking Forward contains news, updates, and important information for active employees of the Missouri Department of Transportation, the Missouri State Highway Patrol, and MPERS.
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In the March edition of The Pensioner: Looking Forward, the oversight formula was introduced: |
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As we continue to cover the investment component of the oversight formula C+I = B+E, we move now to part four of the series. Part four will look briefly at the Sunshine Law as it applies to MPERS’ investments. |
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As a quasi-governmental agency, MPERS is subject to Missouri state statute including Missouri’s Sunshine Law. This law allows for members of the public to request information regarding MPERS and other public and quasi-public governmental agencies. Most of MPERS’ business records and meetings are open records and available to the public upon request.
There are exceptions to the open record requirements of the Sunshine Law for things like personnel files. There are also exceptions when it comes to certain investment records and information. Investment items that are protected from disclosure under the Sunshine Law can include investment contracts. The contract between MPERS and the investment manager is complicated, sensitive, and protected under trade secret laws. There are other documents or other details associated with other stages of some investments that are not initially open records because the details of the arrangement may compromise the transaction itself.
Although some information is not available to the public, it has been reviewed by attorneys and acknowledged by staff and consultants before entering into the relationship. While this information may be unavailable to the public, it is available to the MPERS’ Board of Trustees. The Board of Trustees is ultimately responsible for the oversight and administration of the System. The Board, however, rarely inquires about the details contained in these documents due to the collective lack of legal/investment expertise, volume of documentation, and the complex legal jargon associated with them. This is one of the reasons why MPERS has professional investment staff in place.
The executive director is the custodian of records for MPERS. The custodian of records has the responsibility to interpret and apply laws associated with disclosure and the transparency demanded of public entities. Erroneously disclosing these critical documents could result in serious financial and/or reputational damage for the System.
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The 2021 Webinar Season is Winding Down |
There are only a handful of Pre-Retirement and Mid-Career Checkup webinars left for the year! Don't miss out! |
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Upcoming Pre-Retirement Webinars |
Closed Plan/Year 2000 Plan Webinar
September 22
October 14
November 4
2011 Tier Webinar
November 16
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Upcoming Mid-Career Checkup Webinars |
Closed Plan/Year 2000 Plan Webinar
September 8
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2011 Tier Webinar
October 20
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“Grandpa, this is your grandson”
“John*?”
“Yes, it's John. I’ve been in an accident, but I’m okay. I just have a broken nose, which is why I sound different. But the lady that I hit had to be taken to the hospital. The police arrested me for careless and imprudent driving. Can you pay the bail so I can get out of jail?”
This is a portion of a recent conversation that the family member of an MPERS’ staff member had with, who he thought, was his grandson. When the MPERS staff member was contacted, she immediately reached out to John, her son. John was just fine. A little confused as to why his mother was a nervous wreck, but he hadn't been in an accident. He didn’t have a broken nose. He wasn't in jail. In fact, he had been at work the whole time.
Does this scenario sound familiar? Perhaps you have received a text message from Amazon notifying you that there is something wrong with your account, so you need to follow the link provided to update your personal information? Or maybe you have received an email stating that there was a funds transfer made to your account in error and you need to return the money as soon as possible or face imprisonment for theft?
This could be due to the perception that older adults have more money in the bank than their younger counterparts or that older adults aren’t as tech-savvy. Therefore when a scammer tells someone their computer has been compromised, the person tends to believe the scammer simply because the person isn't sure about computers or the technology that they rely on.
Can scammers be stopped? If so how? The answer, in short, is no. However, being aware of the types of scams that are out there is the first step in not becoming a victim.
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Government imposter scams - calls from people claiming to be from the IRS, Medicare, Social Security, or another government agency
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The grandparent scam - see the scenario above
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Medicare/health insurance scams - fake Medicare or insurance representatives try to get personal information.
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Computer tech support scams - a pop-up message appears indicating your computer has been compromised and you need to call a number for tech support. Once this number is called, the scammer may request remote access to your computer.
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Sweepstakes & lottery scams - scammers inform you that you’ve won a lottery or a sweepstakes and need to make a payment to claim a prize
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Robocalls/phone scams - scammers will claim that a warranty is expiring or they are from an online retailer and there is a problem with their account
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Romance scams - scammers use fake dating profiles or fake profiles on social media to exploit loneliness for money
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Internet and email fraud - Pop-up browser windows and fake emails indicating virus activity on the computer, prompting a download of “virus protection” software; it is actually malware that scammers install on the computer
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Elder financial abuse - usually carried out by someone the older adult knows-i.e. family member, friend, caregiver or even power of attorney
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Charity scams - scammers claim to be raising money for a good cause, then pocket the money for themselves
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These are just a few of the current, common scams that older adults may face, so please, be scam-aware for yourself and for your family members.
For further information on scams and elder fraud please click a link or publication below.
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I got a surprise the first full year I was retired (2020). I hadn't held out a high enough percentage for taxes with my retirement checks.
It would be nice at the retirement seminars to have some guidance on a percentage for withholding taxes once you retire. You fill out that paperwork before retiring and if you don't know how much to hold out or where to get that information it's not a good surprise at tax time.
If this is something that should be discussed with a tax preparer instead of MoDOT or MPERS before you retire, it would be great if that was added to the checklist of things to do before actually sitting down to sign paperwork.
With COVID last year I didn't get an in-person consultation with my tax preparer, so the money my husband and I owed for taxes was an unpleasant surprise.
I changed my withholdings after the fact, so next year should be a lot better.
I hope this was helpful for other soon-to-be retirees.
-L.K. retired 2019, 28 years of service
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Check Out This Month's Benefit Bite! |
How is a Benefit Estimate Like a Crystal Ball?
It has the ability to predict the future!
Well...sort of. Although the benefit estimate has limitations, creating one can help you see what your future benefit may be should you continue on your career path at MoDOT or the Highway Patrol.
How do you get access to a benefit estimate? You can log in to your myMPERS account or contact an MPERS' benefit specialist to help you. However, just know that the estimate that you can create in your myMPERS account is the SAME estimate that we can create from our office.
Below are four simple steps that will help you run a benefit estimate. And remember, benefit estimates are confidential and there is no limit to how many benefit estimates can be generated!
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Once you are logged in, select "estimate a benefit " from the menu on the left of your home page. |
By default, your normal eligibility date will be populated. If you have a spouse, please input their date of birth in the last section. This is important as it will generate joint & survivor payment options on your estimate.
If you are in the Closed Plan or the Year 2000 Plan and would like to see BackDROP payment options, please select option two and enter a date at least two years past your normal eligibility date.
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Your benefit estimate will populate in your myMPERS estimate history. If the estimate doesn't populate, make sure the pop-up blocker on your web browser is turned off. |
If you have specific questions as it relates to your benefit estimate, please contact MPERS directly at [email protected] or 800-270-1271. |
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- 8 - Mid-Career Checkup webinar for Closed Plan and Year 2000 Plan members - Register here
- 22 - Pre-Retirement Webinar for Closed Plan and Year 2000 Plan members - Register here
- 23 - Board meeting - View the agenda when available
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30 - Deadline to submit step 1 - Notice of Retirement for November 1 retirement
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We value your feedback!
What would you like to see in The Pensioner: Looking Forward?
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