PSRS New Member Information

Welcome to the Public School Retirement System of Missouri (PSRS)

It is never too early to start planning for a secure retirement. It is in your best interest to understand your retirement system and stay informed about changes as they occur.

Did You Know?
The Public School Retirement System of Missouri (PSRS) is a defined benefit plan that provides disability and service retirement benefits to members, and benefits to qualified beneficiaries of deceased members. PSRS was created with the adoption of The Public School Retirement Act, which became effective July 1, 1946. PSRS is established as a corporate body and is not assigned to any department of state government. The PSRS/PEERS Board of Trustees is charged by law with the administration of PSRS. Changes to the law governing PSRS can be made only by an act of the Missouri Legislature.

Defined Benefit (DB) Plan
PSRS is a defined benefit plan. Your retirement benefit is payable for your life and is calculated using a set formula based on a percentage factor set by the Missouri Legislature, your salaries and credit earned while employed under PSRS.

PSRS Membership Covers
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
PSRS membership is required, regardless of position, for certificated employees employed to work by an employer within the Retirement System 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 also normally requires the employee to work at least 600 hours during the school term. Certificated employees/teachers employed less than full-time for at least 17 hours per week on a regular basis in a position that requires the employee to work at least 600 hours during the school term may elect membership in the Public Education Employee Retirement System (PEERS) within the first 90 days of their initial part-time employment.

Vesting
Vesting establishes the right to a future retirement benefit without additional PSRS-covered service. You are vested once you acquire five years of creditable service with PSRS.

Contribution Rate for 2010-2011
The contribution rate for the school year 2010-2011 is 14.0% for the employee and 14.0% for the employer. For example, if your eligible annual compensation is $27,000, your total retirement contributions withheld from your pay are $3,780 ($27,000 x 14.0%). Your employer also remits $3,780. The contribution rate is set each year by the PSRS/PEERS Board of Trustees based on the actuarial need.

Member Statement
Your Member Statement is mailed in the Fall of each year and reflects your account balance as of the previous June 30.

Your Member Statement includes more information about your membership than ever before in an expanded, easier-to-read format. Learn more about the features of your new statement in this animated presentation.

Beneficiary Designations
It is critical that you keep your designation current so that benefits payable to your beneficiary(ies) may be paid according to your wishes.

You may need to make changes to your beneficiary listing if you marry or divorce, with the births of children, or as other life changes occur.

If you decease with an invalid designation, your beneficiaries will be determined under state statute.
Your beneficiary designation is indicated on your Member Statement. You may also check your beneficiaries by accessing your online account using your password, or by calling PSRS.

PSRS and Social Security
Most PSRS members pay into PSRS and no Social Security taxes are withheld on PSRS-covered earnings. Wage earners that make contributions to a public pension and do not pay Social Security taxes on earnings are subject to two federal laws that cause a reduction in Social Security retirement benefits. They are the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).

Effective July 1, 2010, members employed in certain positions to be determined by your employer and the Social Security Administration, will pay into PSRS at a two-thirds rate and will also pay into Social Security at the full rate. Consequently, those members will receive PSRS benefits for those years calculated at a two-thirds rate and will also receive Social Security credits based on their earnings.

To determine if your position is affected, contact your employer.

Want more information?
Visit our Member Handbook, Notes for New Members, or see a listing of
Frequently Asked Questions.

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	Welcome to the Public School Retirement System of Missouri (PSRS) It is never too early to start planning for a secure retirement. It is in your best interest to understand your retirement system and stay informed about changes as they occur. Did You Know? The Public School Retirement System of Missouri (PSRS) is a defined benefit plan that provides disability and service retirement benefits to members, and benefits to qualified beneficiaries of deceased members. PSRS was created with the adoption of The Public School Retirement Act, which became effective July 1, 1946. PSRS is established as a corporate body and is not assigned to any department of state government. The PSRS/PEERS Board of Trustees is charged by law with the administration of PSRS. Changes to the law governing PSRS can be made only by an act of the Missouri Legislature. Defined Benefit (DB) Plan PSRS is a defined benefit plan. Your retirement benefit is payable for your life and is calculated using a set formula based on a percentage factor set by the Missouri Legislature, your salaries and credit earned while employed under PSRS. PSRS Membership Covers 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 PSRS membership is required, regardless of position, for certificated employees employed to work by an employer within the Retirement System 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 also normally requires the employee to work at least 600 hours during the school term. Certificated employees/teachers employed less than full-time for at least 17 hours per week on a regular basis in a position that requires the employee to work at least 600 hours during the school term may elect membership in the Public Education Employee Retirement System (PEERS) within the first 90 days of their initial part-time employment. Vesting Vesting establishes the right to a future retirement benefit without additional PSRS-covered service. You are vested once you acquire five years of creditable service with PSRS. Contribution Rate for 2010-2011 The contribution rate for the school year 2010-2011 is 14.0% for the employee and 14.0% for the employer. For example, if your eligible annual compensation is $27,000, your total retirement contributions withheld from your pay are $3,780 ($27,000 x 14.0%). Your employer also remits $3,780. The contribution rate is set each year by the PSRS/PEERS Board of Trustees based on the actuarial need. Member Statement Your Member Statement is mailed in the Fall of each year and reflects your account balance as of the previous June 30. Your Member Statement includes more information about your membership than ever before in an expanded, easier-to-read format. Learn more about the features of your new statement in this animated presentation. Beneficiary Designations It is critical that you keep your designation current so that benefits payable to your beneficiary(ies) may be paid according to your wishes. You may need to make changes to your beneficiary listing if you marry or divorce, with the births of children, or as other life changes occur. If you decease with an invalid designation, your beneficiaries will be determined under state statute. Your beneficiary designation is indicated on your Member Statement. You may also check your beneficiaries by accessing your online account using your password, or by calling PSRS. PSRS and Social Security Most PSRS members pay into PSRS and no Social Security taxes are withheld on PSRS-covered earnings. Wage earners that make contributions to a public pension and do not pay Social Security taxes on earnings are subject to two federal laws that cause a reduction in Social Security retirement benefits. They are the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). Effective July 1, 2010, members employed in certain positions to be determined by your employer and the Social Security Administration, will pay into PSRS at a two-thirds rate and will also pay into Social Security at the full rate. Consequently, those members will receive PSRS benefits for those years calculated at a two-thirds rate and will also receive Social Security credits based on their earnings. To determine if your position is affected, contact your employer. Want more information? Visit our Member Handbook, Notes for New Members, or see a listing of Frequently Asked Questions.