PSRS - The Missouri Model

The "Missouri Model" is used in the retirement industry to describe our trust fund's operational model as the one others aspire to emulate. PSRS, as measured against all other large public retirement systems, is clearly one of, if not the top retirement system in the nation. PSRS has been and continues to be financially stable while providing lifetime retirement security to current and future members. PSRS has provided this financial stability to Missouri educators since 1946 based on sound governance decisions and will continue to do so for future educators.

The interactive map below provides a comparison of all 15 state teacher retirement systems whose members do not contribute to Social Security.

The table below provides a comparison of all 15 state teacher retirement systems in which members do not contribute to Social Security.

Scroll horizontally to see all rows.

Funded Status of 15 State Teacher Retirement Systems Not Participating in Social Security
STATEAsset Total (in $000s)Funded StatusTotal MembershipTotal RetiredTotal Contribution %Employee Contribution %Employer Contribution %State Contribution %Multiple TiersBenefit MultiplierCost of Living Adjustment (COLA)
Missouri
Missouri
$40,593,759 84.4%160,010  63,072  29.00%14.50%14.50%0.00%No2.50%Yes
Alaska
Alaska
$5,472,72782.00%20,12612,96230.40%8.65%12.56%9.19%Yes - 2
(closed)
2.00% and 2.50% BlendedYes
California
California
$224,868,63562.60%949,512301,85934.813%-35.858%Tier 1 - 10.25%
Tier 2 - 9.205%
16.28% for both9.328%Yes - 2Tier 1 - 2.0%
Tier 2 - 2.0%
Yes
Colorado
Colorado
$23,477,550 57.90%335,821
66,37627.13%8.00%19.13%0.00%Yes - 22.50%Yes
Connecticut
Conneticut
$17,861,44257.70%104,69537,56140.29%8.25%0.00%32.04%Yes - 32.00%Yes
Georgia
Georgia
$78,788,93777.40%1449,778131,80226.90%6.00%20.90%0.00%No2.00%Yes
Illinois
Illinois
$51,969,54740.70%417,292122,423not yet releasednot yet releasednot yet releasednot yet releasedYes - 22.20%Yes
Kentucky
Kentucky
$19,981,63357.70%179,42754,37725.96% - 26.96%local school: 12.855%0.00%local school: 13.105%-14.105%Yes - 2Tier 1 - 2.50%-3.00% blended
Tier 2 - 1.70%-3.00% blended
Yes
Louisiana
Louisiana
$21,046,70265.80%195,46378,42334.60%8.00%26.60%0.00%Yes - 42.5% allYes
Massachusetts
Massachusets
$28,791,71152.40%188,12266,661not yet releasednot yet releasednot yet releasednot yet releasedYes - 3variesYes
Maine
Maine
$12,035,56381.80%123,175  36,47122.98%7.65%3.84%11.49%Yes - 32.00%Yes
Nevada
Nevada
$41,431,68775.10%191,22167,10828.00% - 29.00%0 - 14.50%14.50-28.00%0.00%Yes - 32.25% - 2.67%Yes
Ohio
Ohio
$71,118,70775.50%515,960157,42228.00%14.00%14.00%0.00%Yes
(phase in through 2026)
variesYes
Rhode Island
Rhode Island
$6,272,19454.90%53,63622,28928.62%-35.87%3.75% - 11.00%24.87%0.00%Yes - 3variessuspended1
Texas
Texas
$176,942,45476.90%1,591,955420,45822.80%7.70%8.30%6.80%Yes - 62.30%No

Source: Most recent financial and actuarial reports publicly available online at the time of publication.

  • 1Suspended until collective funding status is 80% - reviewed on 4-year intervals
×
Connecticut - CTRB
Funded Status57.70%
Assets (in $000's)$18,493,455
Total Membership (Total Retirees)90,234 (37,466)
Total Contribution Percentage37.69%
Employee Contribution Percentage8.25%
Employer Contribution Percentage0.00%
State/Local Contribution Percentage29.44%
Tiers3
Benefit Multiplier2.00%
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Maine - MainePERS
Funded Status82.40%
Assets (in $000's)$12,044,919
Total Membership (Total Retirees)123,356 (37,151)
Total Contribution Percentage26.14%
Employee Contribution Percentage7.65%
Employer Contribution Percentage4.16%
State/Local Contribution Percentage14.33%
Tiers3
Benefit Multiplier2.00%
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Massachusets - MTRS
Funded Status51.70%
Assets (in $000's)$29,536,979
Total Membership (Total Retirees)191,951 (67,675)
Total Contribution Percentage24.61% - 30.61%
Employee Contribution Percentage5% - 11%
Employer Contribution Percentage0.00%
State/Local Contribution Percentage19.61%
Tiers3
Benefit Multipliervaries
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Missouri - PSRS
Funded Status84%
Assets (in $000s)$40,710,304
Total Membership (Total Retirees)161,862 (64,595)
Total Contribution Percentage29.00%
Employee Contribution Percentage14.50%
Employer Contribution Percentage14.50%
State/Local Contribution Percentage0.00%
TiersNo
Benefit Multiplier2.50%
Cost of Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Rhode Island - RI-ERS
Funded Status56.20%
Assets (in $000's)$3,798,756
Total Membership (Total Retirees)28,749 (11,274)
Total Contribution Percentage29.91%
Employee Contribution Percentage3.75%
Employer Contribution Percentage15.04%
State/Local Contribution Percentage11.12%
Tiers3
Benefit Multipliervaries
Cost-of-Living Adjustment (COLA)Suspended*
Source: Most recent financial and actuarial reports publicly available online at the time of publication
*Suspended until collective funding status is 80% - reviewed on 4-year intervals
×
Ohio - STRS
Funded Status77.40%
Assets (in $000's)$72,728,360
Total Membership (Total Retirees)516,190 (156,907)
Total Contribution Percentage28.00%
Employee Contribution Percentage14.00%
Employer Contribution Percentage14.00%
State/Local Contribution Percentage0.00%
TiersYes, phase-in through 2026
Benefit Multipliervaries
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Illinois - TRS
Funded Status40.50%
Assets (in $000's)$52,316,478
Total Membership (Total Retirees)429,137 (124,791)
Total Contribution Percentage51.51%
Employee Contribution PercentageTier 1 and 2 : 9.0%
Employer Contribution Percentage0.58%
State/Local Contribution Percentage41.93%
Tiers2
Benefit Multiplier2.20%
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Kentucky - TRS
Funded Status58.40%
Assets (in $000's)$20,371,910
Total Membership (Total Retirees)186,528 (56,629)
Total Contribution Percentage25.96% - 26.96%
Employee Contribution Percentage12.855%
Employer Contribution Percentage0.00%
State/Local Contribution Percentage13.105%-14.105%
Tiers2
Benefit MultiplierTier 1: 2.50%-3.00% blended
Tier 2: 1.70%-3.00% blended
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Georgia - TRS
Funded Status76.70%
Assets (in $000s)$81,161,558
Total Membership (Total Retirees)483,844 (135,649)
Total Contribution Percentage27.14%
Employee Contribution Percentage6.00%
Employer Contribution Percentage21.14%
State/Local Contribution Percentage0.00%
TiersNo
Benefit Multiplier2.00%
Cost of Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Louisiana - TRSL
Funded Status67.90%
Assets (in $000's)$21,220,586
Total Membership (Total Retirees)202,768 (80,536)
Total Contribution Percentage34.00%
Employee Contribution Percentage8.00%
Employer Contribution Percentage26.00%
State/Local Contribution Percentage0.00%
Tiers4
Benefit Multiplier2.50%
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Texas - TRS
Funded Status76.40%
Assets (in $000's)$165,416,245
Total Membership (Total Retirees)1,682,708 (445,274)
Total Contribution Percentage24.20%
Employee Contribution Percentage7.70%
Employer Contribution Percentage9.00%
State/Local Contribution Percentage7.50%
Tiers6
Benefit Multiplier2.30%
Cost-of-Living Adjustment (COLA)No
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Colorado - COPERA
Funded Status59.90%
Assets (in $000's)$27,171,397
Total Membership (Total Retirees)347,987 (68,523)
Total Contribution Percentage29.15%
Employee Contribution Percentage8.75%
Employer Contribution Percentage20.40%
State/Local Contribution Percentage0.00%
Tiers2
Benefit Multiplier2.50%
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Nevada - NVPERS
Funded Status76.10%
Assets (in $000's)$46,735,117
Total Membership (Total Retirees)201,954 (72,741)
Total Contribution Percentage29.25% - 30.50%
Employee Contribution Percentage0.00% - 15.25%
Employer Contribution Percentage15.25% - 29.25%
State/Local Contribution Percentage0.00%
Tiers3
Benefit Multiplier2.25% - 2.67%
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
California - CALSTRS
Funded Status66.00%
Assets (in $000's)$246,983,744
Total Membership (Total Retirees)976,045 (314,405)
Total Contribution Percentage36.633% - 37.678%
Employee Contribution PercentageTier 1: 10.25%
Tier 2: 9.205%
Employer Contribution Percentage17.1% for both tiers
State/Local Contribution Percentage10.328%
Tiers2
Benefit Multiplier2.00% for both tiers
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication
×
Alaska - TRS
Funded Status85.90%
Assets (in $000's)$5,444,799
Total Membership (Total Retirees)19,384 (13,053)
Total Contribution Percentage33.27%
Employee Contribution Percentage8.65%
Employer Contribution Percentage12.56%
State/Local Contribution Percentage12.06%
Tiers2 (closed)
Benefit Multiplier2.00% and 2.50% blended
Cost-of-Living Adjustment (COLA)Yes
Source: Most recent financial and actuarial reports publicly available online at the time of publication