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PSRS/PEERS News

PSRS Celebrates 70 Years Serving Members

PSRS 70th Anniversary logo

The Public School Retirement System of Missouri (PSRS) marks its 70th year this July. As we celebrate this achievement, we reflect on the many ways the System has changed over the years, and how our dedication to providing outstanding service and retirement security to our membership has remained constant.

Since 1946, the Public School Retirement System of Missouri (PSRS) has been dedicated to these goals:

  • To provide retirement security to Missouri's educators and education employees after a full career of service
  • To help school districts attract and retain the best and brightest educators and employees for Missouri's school children
  • To manage the System in a prudent and cost-efficient manner

History

In May 1945, Governor Forrest C. Donnell signed into law the Public School Retirement Act of Missouri, which established the Public School Retirement System of Missouri (PSRS) effective July 1, 1946. Missouri was the 47th state to adopt legislation leading to a statewide teacher retirement system.

Meeting the Needs of a Growing Membership

While our goals have not changed, many aspects of the Retirement System have changed since 1946.

  • PSRS membership has grown to over 150,000.
  • The number of PSRS service retirees has grown from 312 in 1947 to more than 51,000.
  • Average monthly benefits have increased almost one-hundredfold, from around $33 per month to over $3,200 per month.
  • PSRS also pays monthly disability retirement benefits and beneficiary payments to approximately 4,800 recipients.
  • Total annual benefits paid by PSRS have also increased from around $125,000 to approximately $2.27 billion today.
  • As of June 30, 2015, the net assets of PSRS were $34.8 billion.

Keeping Benefits Aligned with the Times

Over the years, PSRS benefits have also improved.

  • The period of service required for vesting has shrunk from 30 years to five years.
  • The lifetime Cost-of-Living Adjustment (COLA) cap has increased from 24% to 80%.
  • Early retirement under a 25-and-Out formula was added in 1995.
  • The three-year Final Average Salary (from 10-year) and the Rule of 80 were added in 1999.
  • A one-time, lump-sum $5,000 Death Benefit was added for retirees who passed away after June 30, 1999.

Maintaining Best-in-Class Member Service

We continue to deliver better, more convenient ways for our members to interact with us and stay informed about their Retirement System and benefits. We pride ourselves on providing personal service and helpful information to our members at all stages of their careers.

  • A toll-free, nationwide phone number was added in 1995.
  • In 1996, PSRS introduced an informational website for members.
  • The popular Benefit Estimate Calculator was added to the website in 2000.
  • The new and improved Web Member Services went online in 2015, providing working and retired members more online options to view and update their membership information than ever before, including the ability to create personalized benefit estimates.
  • Starting In March 2016, members can file for service retirement online.
  • Member Services representatives are available each working day to answer questions and provide individual counseling in person, by telephone or email.
  • A dedicated team of counselors coordinates hundreds of informational, mid-career and pre-retirement planning seminars across the state.
  • Web counseling allows members to speak to a counselor live via the Internet in the privacy of their own home.

Some Things Never Change

The purpose of PSRS remains simple: to provide members and their families with a reliable and stable source of retirement income, disability and survivor benefits.

We look forward to continuing the tradition of providing reliable retirement benefits to Missouri's dedicated public school teachers for the next 70 years, and beyond.

A Glimpse of the World When PSRS was New

What was it like in in 1946?

  • Winston Churchill made his famous "Sinews of Peace" ("Iron Curtain") speech at Westminster College in Fulton, Missouri on March 5, 1946.
  • Tupperware was introduced to U.S. Consumers.
  • The first Cannes Film Festival took place.
  • The holiday movie It's a Wonderful Life premiered.
  • The first meeting of the United Nations was held at Methodist Central Hall Westminster in London.
  • The NFL team San Francisco 49ers was formed.
  • Donald Trump, Bill Clinton, Cher, Steven Spielberg and Sylvester Stallone were born.
  • Missourian Harry S. Truman was president of the United States.
  • Popular musicians included Frank Sinatra, the Ink Spots, Bing Crosby, Duke Ellington, Perry Como and the Andrews Sisters.
  • While some homes had TVs, radio was the main lifeline for Americans, providing news, music and entertainment.

And at PSRS in 1946…

  • The average PSRS teacher's salary was $1,621.
  • The first PSRS office was located in Room 200 of the State Capitol building.
  • As of October 1946, PSRS had 11 employees on its payroll.

My, how things have changed!

PSRS Celebrates 70 Years Serving Members

PSRS 70th Anniversary logo

The Public School Retirement System of Missouri (PSRS) marks its 70th year this July. As we celebrate this achievement, we reflect on the many ways the System has changed over the years, and how our dedication to providing outstanding service and retirement security to our membership has remained constant.

Since 1946, the Public School Retirement System of Missouri (PSRS) has been dedicated to these goals:

  • To provide retirement security to Missouri's educators and education employees after a full career of service
  • To help school districts attract and retain the best and brightest educators and employees for Missouri's school children
  • To manage the System in a prudent and cost-efficient manner

History

In May 1945, Governor Forrest C. Donnell signed into law the Public School Retirement Act of Missouri, which established the Public School Retirement System of Missouri (PSRS) effective July 1, 1946. Missouri was the 47th state to adopt legislation leading to a statewide teacher retirement system.

Meeting the Needs of a Growing Membership

While our goals have not changed, many aspects of the Retirement System have changed since 1946.

  • PSRS membership has grown to over 150,000.
  • The number of PSRS service retirees has grown from 312 in 1947 to more than 51,000.
  • Average monthly benefits have increased almost one-hundredfold, from around $33 per month to over $3,200 per month.
  • PSRS also pays monthly disability retirement benefits and beneficiary payments to approximately 4,800 recipients.
  • Total annual benefits paid by PSRS have also increased from around $125,000 to approximately $2.27 billion today.
  • As of June 30, 2015, the net assets of PSRS were $34.8 billion.

Keeping Benefits Aligned with the Times

Over the years, PSRS benefits have also improved.

  • The period of service required for vesting has shrunk from 30 years to five years.
  • The lifetime Cost-of-Living Adjustment (COLA) cap has increased from 24% to 80%.
  • Early retirement under a 25-and-Out formula was added in 1995.
  • The three-year Final Average Salary (from 10-year) and the Rule of 80 were added in 1999.
  • A one-time, lump-sum $5,000 Death Benefit was added for retirees who passed away after June 30, 1999.

Maintaining Best-in-Class Member Service

We continue to deliver better, more convenient ways for our members to interact with us and stay informed about their Retirement System and benefits. We pride ourselves on providing personal service and helpful information to our members at all stages of their careers.

  • A toll-free, nationwide phone number was added in 1995.
  • In 1996, PSRS introduced an informational website for members.
  • The popular Benefit Estimate Calculator was added to the website in 2000.
  • The new and improved Web Member Services went online in 2015, providing working and retired members more online options to view and update their membership information than ever before, including the ability to create personalized benefit estimates.
  • Starting In March 2016, members can file for service retirement online.
  • Member Services representatives are available each working day to answer questions and provide individual counseling in person, by telephone or email.
  • A dedicated team of counselors coordinates hundreds of informational, mid-career and pre-retirement planning seminars across the state.
  • Web counseling allows members to speak to a counselor live via the Internet in the privacy of their own home.

Some Things Never Change

The purpose of PSRS remains simple: to provide members and their families with a reliable and stable source of retirement income, disability and survivor benefits.

We look forward to continuing the tradition of providing reliable retirement benefits to Missouri's dedicated public school teachers for the next 70 years, and beyond.

A Glimpse of the World When PSRS was New

What was it like in in 1946?

  • Winston Churchill made his famous "Sinews of Peace" ("Iron Curtain") speech at Westminster College in Fulton, Missouri on March 5, 1946.
  • Tupperware was introduced to U.S. Consumers.
  • The first Cannes Film Festival took place.
  • The holiday movie It's a Wonderful Life premiered.
  • The first meeting of the United Nations was held at Methodist Central Hall Westminster in London.
  • The NFL team San Francisco 49ers was formed.
  • Donald Trump, Bill Clinton, Cher, Steven Spielberg and Sylvester Stallone were born.
  • Missourian Harry S. Truman was president of the United States.
  • Popular musicians included Frank Sinatra, the Ink Spots, Bing Crosby, Duke Ellington, Perry Como and the Andrews Sisters.
  • While some homes had TVs, radio was the main lifeline for Americans, providing news, music and entertainment.

And at PSRS in 1946…

  • The average PSRS teacher's salary was $1,621.
  • The first PSRS office was located in Room 200 of the State Capitol building.
  • As of October 1946, PSRS had 11 employees on its payroll.

My, how things have changed!


Life Events

When life brings changes your way, it can also impact your PSRS/PEERS membership. Click below for more information.

A New Member

NewMember_313373132

Welcome! Create a Web Member Services account to stay informed about your membership.

Newly Married

NewMarried_299406063

If you are recently married, it can impact your beneficiary designations.

A New Parent

NewParent_221104175

Birth or adoption of a child requires you to update your beneficiary designations.

Recently Divorced

RecentDivorce_200250159

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."

Ready to Retire

ReadytoRetire_225842334

Apply for service retirement online using Web Member Services, or using paper forms found on this website.

Leaving Your Job

Leaving_23858133

You have options when temporarily or permanently leaving covered employment.

Moving

Moving_111750524

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.

A Working Retiree

WorkingRetiree_320624375

It is important to understand post-retirement work limits and how they may impact your benefit payments.

Quick Facts

2020 Quick Facts Promo

For the last 74 years, the Public School and Education Employee Retirement Systems of Missouri have worked in partnership with Missouri public schools to provide retirement benefits to our members.

The Missouri Model

Missouri-Model-promo

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.

Benefits by County

Benefits-by-County-promo

As of June 30, 2021, over 100,000 individuals received benefits from PSRS/PEERS. Total annual benefits paid were nearly $3.2 billion. Of this amount, more than $2.8 billion, or 89%, was distributed among Missouri’s 114 counties, positively impacting the state’s economy.