Welcome to the Public School Retirement System of Missouri (PSRS)

We recognize that retirement may not be uppermost in your mind at this stage in your career. But at PSRS, we believe that planning in advance is essential to achieve a financially secure and enjoyable retirement. We encourage you to understand the benefits you are entitled to receive.

Lifetime Retirement Benefits with Five-Year Vesting

As a PSRS member, once you have earned five years of credit with PSRS, you are vested and can receive lifetime retirement benefits when eligible. In most cases, the retirement benefits paid to PSRS members greatly exceed the funds they contribute to the System while working. In fact, most PSRS retirees recover all their contributions within the first five years of retirement.

How Retirement Benefits are Funded

PSRS’ funding comes from three sources: member contributions, employer contributions and investment earnings. Investment earnings are the primary source of funding for PSRS benefits. On average, from 1996 through 2011, 60 cents of every dollar paid to PSRS retirees was derived from investment earnings.

15-year Average 1996-2011

$.21 includes contributions and purchases

Missouri law requires the System to maintain a funding level that covers current and anticipated future benefit promises. This guarantees availability of funds to pay benefits as prescribed by law.

PSRS contributions are automatically deducted from your pay, pre-tax, to help fund your benefits. Your employer matches the dollar amount of your contributions. Employer contributions are paid into a general fund used to pay benefits for retirees and beneficiaries.

The contribution rate is set each school year by the PSRS/PEERS Board of Trustees. It is based on the recommendation of the Systems’ actuary after the annual actuarial valuation has been completed.
 
For 2011-2012, the contribution rate is 14.5% of your compensation. Members who hold positions that require Social Security withholding contribute to PSRS at two-thirds the contribution rate, or 9.67%.

As a member, you have this guarantee: your contributions and the accrued interest are always returned to you or your beneficiary in the form of monthly benefits or a lump-sum payment.

When Can I Retire?

You are eligible for normal retirement:

• At age 60 with at least five years of credit,
• At any age with at least 30 years of credit, or
• When the sum of your age plus your years of credit equals 80 or more (Rule of 80).

Early retirement options are available, but benefit amounts under these options are reduced. You are eligible for early retirement:

• At age 55 with at least five years of credit, or
• At any age with at least 25 years of credit.

If you work in PSRS-covered employment for 31 or more years, you may be eligible for a slightly higher retirement calculation. If you work three years beyond normal retirement, you have the option to choose a one-time, Partial Lump Sum Option (PLSO) payment at retirement with reduced lifetime monthly benefits.

Calculating Benefits

Use our online Benefit Estimate Calculator to generate estimates of your future retirement benefits using various projected retirement dates and salaries.

Member Statement

Each fall, you receive a Member Statement. It includes the amount of your contributions, accumulated interest, years of credit, salary history and your beneficiary designation. Up-to-date account information is also available by logging in to your online account.

Beneficiary Designations

Always keep your beneficiary designations up-to-date to ensure benefits payable to your survivors are distributed according to your wishes. You may need to make changes to your beneficiaries if you marry or divorce, with the births of children, or as other life changes occur. Your beneficiary designation is shown on your Member Statement. You can also check your beneficiaries by logging in to your online account or contact us.

As an active PSRS member, you can update your beneficiary designations at any time using the Pre-Retirement Beneficiary Designation form or contact us.

Want more information?

Visit our Member Handbook, At A Glance Brochure, or see a listing of
Frequently Asked Questions.