Membership
PSRS membership is required, regardless of position, for certificated employees (those holding valid Missouri Educator Certificates from the Missouri Department of Elementary and Secondary Education) employed by a PSRS-covered employer in a position that normally requires the employee to work:
- The full school day, or
- At least the same number of hours per week as required for such a position, and
- At least 600 hours of work during the school term.
A certificated employee or teacher working less than full-time for at least 17 hours per week on a regular basis in a position that requires at least 600 hours of work during the school term can choose membership in the Public Education Employee Retirement System (PEERS) within the first 90 days of initial part-time employment.
PSRS-covered employers include:
- All Missouri public school districts, except those in the city of St. Louis and Kansas City,
- All Missouri public two-year colleges, and
- Non-profit educational associations that have elected to join.
Membership is ended by a refund of your account balance, absence from covered employment for five consecutive school years, death or retirement.
Vesting
Vesting establishes the right to a future retirement benefit without additional PSRS-covered employment. You are vested once you have five years of credit with PSRS.
Contribution Rate for 2011-2012
As a member, you contribute to PSRS. 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 for the school year 2011-2012 (July 1 to June 30) is 14.5% for the employee and 14.5% for the employer. For example, if your eligible annual compensation is $27,000, total retirement contributions of $3,915 ($27,000 x 14.5%) are withheld from your pay and credited to your PSRS account. Your employer also contributes $3,915.
The contribution rate is set each 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.
Social Security
Most PSRS members do not pay Social Security taxes on their earnings while employed by PSRS-covered employers. Members employed in certain positions (determined by your employer and the Social Security Administration) pay into PSRS at a two-thirds rate, and also pay into Social Security at the full rate. See the Member Handbook for more information.
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.