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- View Member Statements
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Tools for Retirees and Beneficiaries
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View PSRS Education Options » View PEERS Education Options »PSRS/PEERS News
January 2016 COLA Set at 2% for PSRS/PEERS Retirees
Eligible Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) benefit recipients will receive a 2% cost-of-living adjustment, or COLA, on monthly benefits beginning with the January 29, 2016 benefit payment.
The PSRS/PEERS Board of Trustees set the COLA during their August 31, 2015 meeting.
COLAs help your retirement income keep pace with the cost of living during times of inflation. According to Missouri law, PSRS/PEERS bases COLAs on the Consumer Price Index for Urban Consumers (CPI-U). According to the U.S. Bureau of Labor Statistics, the CPI-U, or the rate of inflation, from July 1, 2014 to June 30, 2015 was .12%.
How COLAs are Determined
The Board follows the guidelines set in Missouri law when determining COLAs. In addition, COLAs are determined according to the Funding Stabilization Policy adopted by the Board in August 2011. This policy has helped stabilize contribution rates and improve the pre-funded status of the Systems, while also providing inflation protection for benefit recipients.
"The Board understands the importance of COLAs to our membership," said Board Chairman Aaron Zalis. "We are pleased that even in difficult economic times our funding policy provides inflation protection to our retirees."
Under this policy, the COLA can range between 0% and 5%, and is based on the change in the CPI-U for the preceding fiscal year (July 1 to June 30). This year, the CPI-U increased .12%, so the COLA is 2%.
|
Change in CPI-U |
COLA |
|---|---|
| 0% or less | 0% |
| Between 0% and 5% | 2% |
| 5% or more | 5% |
Who is Eligible for COLAs?
PSRS service and disability retirees are eligible for COLAs on monthly benefits beginning the second January following their retirement date. For example, a PSRS member who retired July 1, 2015 is eligible for COLAs in January 2017.
| PSRS January 2016 COLA Eligibility | |
|---|---|
| Retired in 1988 and earlier | You have reached your 80% COLA cap |
| Retired in 1989-2014 | 2.00% COLA |
| Retired in 2015 | Not yet eligible for a COLA |
PEERS service and disability retirees are eligible for COLAs on monthly benefits beginning the fourth January following their retirement date. For example, a PEERS member who retired July 1, 2015 is eligible for COLAs in January 2019.
| PEERS January 2016 COLA Eligibility | |
|---|---|
| Retired in 1988 and earlier | You have reached your 80% COLA cap |
| Retired in 1989-2012 | 2.00% COLA |
| Retired in 2013-2015 | Not yet eligible for a COLA |
Qualified beneficiaries can also receive COLAs.
PSRS/PEERS retirees are no longer eligible to receive COLAs once the total dollar amount of COLAs they have received equals 80% of their initial benefit amount (80% COLA cap).
For More Information
Your annual Benefit Statement, mailed in January, will contain information on your benefit amount, and will show COLA information, if you are eligible. Information on COLAs is available online by logging in to view your membership information in Web Member Services. If you are eligible for a COLA in January, that information will be available online in mid-January. You can also use the online COLA calculator to estimate the effect of a COLA on your benefit.
January 2016 COLA Set at 2% for PSRS/PEERS Retirees
Eligible Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) benefit recipients will receive a 2% cost-of-living adjustment, or COLA, on monthly benefits beginning with the January 29, 2016 benefit payment.
The PSRS/PEERS Board of Trustees set the COLA during their August 31, 2015 meeting.
COLAs help your retirement income keep pace with the cost of living during times of inflation. According to Missouri law, PSRS/PEERS bases COLAs on the Consumer Price Index for Urban Consumers (CPI-U). According to the U.S. Bureau of Labor Statistics, the CPI-U, or the rate of inflation, from July 1, 2014 to June 30, 2015 was .12%.
How COLAs are Determined
The Board follows the guidelines set in Missouri law when determining COLAs. In addition, COLAs are determined according to the Funding Stabilization Policy adopted by the Board in August 2011. This policy has helped stabilize contribution rates and improve the pre-funded status of the Systems, while also providing inflation protection for benefit recipients.
"The Board understands the importance of COLAs to our membership," said Board Chairman Aaron Zalis. "We are pleased that even in difficult economic times our funding policy provides inflation protection to our retirees."
Under this policy, the COLA can range between 0% and 5%, and is based on the change in the CPI-U for the preceding fiscal year (July 1 to June 30). This year, the CPI-U increased .12%, so the COLA is 2%.
|
Change in CPI-U |
COLA |
|---|---|
| 0% or less | 0% |
| Between 0% and 5% | 2% |
| 5% or more | 5% |
Who is Eligible for COLAs?
PSRS service and disability retirees are eligible for COLAs on monthly benefits beginning the second January following their retirement date. For example, a PSRS member who retired July 1, 2015 is eligible for COLAs in January 2017.
| PSRS January 2016 COLA Eligibility | |
|---|---|
| Retired in 1988 and earlier | You have reached your 80% COLA cap |
| Retired in 1989-2014 | 2.00% COLA |
| Retired in 2015 | Not yet eligible for a COLA |
PEERS service and disability retirees are eligible for COLAs on monthly benefits beginning the fourth January following their retirement date. For example, a PEERS member who retired July 1, 2015 is eligible for COLAs in January 2019.
| PEERS January 2016 COLA Eligibility | |
|---|---|
| Retired in 1988 and earlier | You have reached your 80% COLA cap |
| Retired in 1989-2012 | 2.00% COLA |
| Retired in 2013-2015 | Not yet eligible for a COLA |
Qualified beneficiaries can also receive COLAs.
PSRS/PEERS retirees are no longer eligible to receive COLAs once the total dollar amount of COLAs they have received equals 80% of their initial benefit amount (80% COLA cap).
For More Information
Your annual Benefit Statement, mailed in January, will contain information on your benefit amount, and will show COLA information, if you are eligible. Information on COLAs is available online by logging in to view your membership information in Web Member Services. If you are eligible for a COLA in January, that information will be available online in mid-January. You can also use the online COLA calculator to estimate the effect of a COLA on your benefit.
Life Events
When life brings changes your way, it can also impact your PSRS/PEERS membership. Click below for more information.
A New Member
Welcome! Create a Web Member Services account to stay informed about your membership.
Newly Married
If you are recently married, it can impact your beneficiary designations.
A New Parent
Birth or adoption of a child requires you to update your beneficiary designations.
Recently Divorced
If you named your spouse as a beneficiary, divorce means you may need to update your beneficiary designations. Some divorced retirees may also have options for benefit increases, or "pop-ups."
Moving
Keep your contact information up-to-date so we can communicate with you about your membership and ensure benefits are paid according to your wishes.
Ready to Retire
Apply for service retirement online using Web Member Services, or using paper forms found on this website.
Leaving Your Job
You have options when temporarily or permanently leaving covered employment.
A Working Retiree
It is important to understand post-retirement work limits and how they may impact your benefit payments.
PSRS/PEERS Quick Facts
For 77 years, we have embraced change for long-term success. We will continue to adapt, evolve and innovate to ensure the ongoing excellence of PSRS/PEERS’ plan design, professional plan management, strong investment performance and outstanding commitment to our more than 307,000 members.
Benefits by County
As of December 31, 2023, approximately 110,000 individuals received benefits from PSRS/PEERS. Total annual benefits paid was over $3.7 billion. Of this amount, over $3.3 billion, or 88%, was distributed among Missouri's 114 counties, positively impacting the state's economy.
PSRS/PEERS Funding
PSRS/PEERS' funding comes from three sources, member contributions, employer contributions and investment earnings. Investment earnings are the primary source of funding for every dollar of PSRS/PEERS benefits paid.
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