Retirement Plans

When planning for retirement, it’s important to understand the type of employer-sponsored retirement plan you have. Missouri State University employees may be enrolled in either a defined benefit plan like MOSERS or a defined contribution plan such as CURP.  Each plan offers unique advantages—and knowing the difference can help you maximize your retirement benefits.

Defined Benefit Plans: Predictable, Lifetime Income

A defined benefit plan, such as the one offered through MOSERS (Missouri State Employees’ Retirement System), guarantees a specific monthly payment for life once you retire. This monthly pension is calculated using a formula based on:

• Final average pay
• Years of service
• A benefit multiplier (determined by your MOSERS plan tier)

Key Benefits:
✔️ Predictable, guaranteed income
✔️ Lifetime payments—cannot outlive your funds
✔️ Unused sick leave can be converted into additional service credit

New MOSERS participants are required to contribute 4% of their pay. All participants must meet age and service requirements, which vary depending on their plan enrollment, to be eligible for retirement. Over time, this plan often provides more financial security than what employees can achieve through individual investment plans.
🔗 [Learn more about MOSERS]

Defined Contribution Plans: You Own the Account

A defined contribution plan—like CURP, a 403(b), or a 457(b)—builds an individual investment account funded by contributions from the employee and/or employer. The balance at retirement depends on market performance and your savings.

Key Features:
✔️ You control how much to contribute
✔️ You select your investments
✔️ Your account balance may fluctuate with the market

While these plans offer flexibility and control, they do not provide guaranteed income in retirement. You are responsible for managing your funds to last throughout retirement.

Can You Switch Plans?

MSU faculty enrolled in CURP may elect to transfer to the MOSERS MSEP 2011 plan after six years of CURP participation. This option lets you move from a market-based retirement account to a guaranteed lifetime pension through MOSERS.
🔗 [View the CURP to MOSERS transfer guide]

Enhance Your Retirement with Additional Savings

Regardless of your plan type, financial advisors typically recommend saving beyond what your employer-sponsored plan offers. This is where supplemental plans like the 403(b) and 457(b) can play a crucial role.

• MO Deferred Comp 457(b) and the 403(b) Plan: Allow Full and Part Time employees to save pre-tax or Roth dollars with flexible investment options.

Both plans provide a way to supplement your pension or investment account and better prepare for retirement. Representatives from MO Deferred Comp (457b), Corebridge (403b), and TIAA (403b) periodically visit campus to offer guidance and answer your questions.

Learn More with MOSERS

MOSERS educators offer seminars and webinars statewide to help employees at every career stage, whether new, mid-career, or nearing retirement, understand their benefits and make informed decisions. Topics include:

• Maximizing your pension
• The value of sick leave
• Smart investing with deferred compensation
• Planning your retirement date

Important Disclaimer

This information is intended to provide a general overview and should not replace personalized advice from a qualified financial counselor. We strongly encourage you to consult with a financial professional to discuss your individual retirement planning needs and options.

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