PSRS and PEERS Honored with National Awards for Excellence in Funding and Administration

Once again, the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) have earned national recognition for outstanding work. The Public Pension Coordination Council (PPCC) has honored both systems with the 2025 Public Pension Standards Award for Funding and Administration.

PSRS has received this award every year since 2004, and PEERS since 2005.

“We are proud to once again meet the high standards set by the PPCC,” said PSRS/PEERS Executive Director Dearld Snider. “This recognition affirms the trust our members place in us to protect their financial security. We take that responsibility seriously and will continue to uphold the principles of transparency, stability, and service.”

Funding Standards

To qualify for the funding award, a retirement system must meet at least one of the following criteria for financial sustainability:

1. Funded Ratio: A retirement system is fully funded when it reaches a funded ratio of 100%. As of June 30, 2025, PSRS was 89.1% funded and PEERS was 89.9% funded.
2. Contribution Rates: Systems must set contribution rates at or above the actuarially determined contribution rate. Both PSRS and PEERS meet this requirement.
3. Funding Plan: If a system does not meet the above standards, it must have a board-approved plan to reach them within five years.

Administrative Standards

To qualify for the administration award, a retirement system must meet five key operational benchmarks:

1. Comprehensive Benefits: The system must offer a wide range of benefits, including retirement, disability, and death benefits, along with provisions for cost-of-living adjustments (COLAs).
2. Actuarial Valuation: An actuarial valuation must be completed at least every two years, following accepted actuarial practices.
3. Independent Audit: The system must undergo an independent audit that meets government auditing standards, with an unqualified (clean) opinion.
4. Investment Practices: The system must follow a written investment policy, uphold fiduciary standards, and receive an annual external investment performance review.
5. Member Communication: The system must regularly inform members about benefits and changes; provide an annual benefit statement, handbook, or summary plan description; and hold quarterly meetings of the governing board with public notice.

The PPCC includes the National Association of State Retirement Administrators (NASRA), the National Council on Teacher Retirement (NCTR), and the National Conference on Public Employee Retirement Systems (NCPERS). Together, these organizations represent more than 500 major public pensions plans serving more than 18 million public employees across the United States.