PSRS / PEERS

Public School & Education Employee Retirement Systems of Missouri

The Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) provide a significant and stable source of
retirement, disability and survivor benefits to Missouri’s public school teachers, school employees and their families. PSRS and PEERS
are Defined Benefit (DB) pension plans providing lifetime retirement benefits to qualified members based on a formula set by
Missouri law.

PSRS/PEERS work in partnership with the member school districts of Missouri to provide eligible employees and their beneficiaries
with a significant source of income based on the employee’s length of service and salary in order to enhance retirement, disability
and death benefits received from other sources.

Funding

PSRS/PEERS’ funding comes from three sources: member contributions, employer contributions and investment earnings. Investment earnings are the primary source of funding for PSRS/PEERS benefits. On average, 63 cents of every dollar paid to PSRS/PEERS retirees comes from investment earnings.

20 Year Average– Member portion includes contributions and funds to purchase service.

Funding

The Importance of a Defined Benefit Plan

As a PSRS/PEERS member, you are a member of a defined benefit retirement plan. Defined Benefit (DB) plans provide members like
you predictable income for life, no matter how long you live.

Also, because PSRS/PEERS is a defined benefit plan, your retirement benefits are payable for your lifetime. You do not have to make investment decisions, and the amount of money in your  PSRS/PEERS account when you retire does not have a bearing on the amount of benefits you can receive. 

Once you have earned five years of credit with PSRS/PEERS, you are vested and can receive lifetime retirement benefits when you reach age and service requirements. Being vested may also help you qualify for disability benefits and survivor benefits for your beneficiaries.

Membership & Contributions

PSRS: Contribution Rate 14.50%

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, 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 PEERS within the first 90 days of their initial part-time employment.

PEERS: Contribution Rate 6.86%

PEERS membership is required, regardless of position, for non-certificated employees employed to work at least 20 hours per week on a regular basis by an employer within the Retirement System in a position that normally requires the employee to work at least 600 hours during the school term.

Important Advantages

  • Disability benefits are available if you have five years of eligible employment and cannot work due to a disability that appears to be total and permanent

  • Survivor benefits may be payable upon your death

  • If you take leave from employment for military service, you may be able to get credit with PSRS/PEERS (to count toward your retirement) for the leave time

  • Purchasing credit with PSRS/PEERS may allow you to reach vested status, retirement eligibility or qualify for a larger benefit

  • Reinstating credit allows you to buy back credit for a membership you previously forfeited by taking a refund of your account balance

  • Your contributions and interest are always returned to you or a beneficiary

Considering Retirement? What You need to know:

When You Can Retire

You are eligible for normal retirement:

  • At age 60 with at least five years of credit,

  • At any age with at least 30 years of credit, or

  • At Rule of 80: when the sum of your age, plus your years of credit, equals 80 or more

 Early retirement options are available, but benefit amounts under these options are reduced. To learn of your early retirement options, please visit the Retirement System’s website at PSRS-PEERS or contact a Retirement System representative at (800) 392-6848.

Pre-Retirement Beneficiary Information

PSRS/PEERS provides valuable protection to your beneficiaries if your death occurs prior to retirement. Be proactive in updating your beneficiary designation and provide complete information to help ensure any benefit payable at your death is distributed in accordance with your wishes.

Important: If a change in life status, such as a marriage, divorce, birth or adoption of a child, has occurred since you have filed your beneficiary designation with PEERS, your designation is invalid. You must file new beneficiaries with PEERS or Missouri law will determine your beneficiaries if you die before retirement.

For additional information about beneficiary designation, review the Protecting Those you Care About brochure. For questions regarding your beneficiary information, please contact a Retirement System representative at (800) 392-6848, as the District does not have access to your beneficiary information.
To change your beneficiary information, please visit the Retirement System’s website at PSRS-PEERS to complete the required form.

Social Security & Medicare

PSRS
  • You will not pay into Social Security while employed by a PSRS-covered district as long as you hold a Missouri Teacher’s Certificate and are serving in a position that requires Missouri Teacher Certification.
  • You will pay into Social Security while employed by a PSRS-covered district as long as you hold a Missouri Teacher’s Certificate and are serving in a position with does not require Missouri Teacher Certification.
  • You should contact Social Security at (800) 772-1213 with your questions or visit their website, Social Security.
  • You will also pay into Medicare and are eligible for Medicare Benefits as long as you earn the required number of units and attain the appropriate age.
PEERS
  • You will pay into Social Security while employed by a PEERS-covered district as long as you do not hold a Missouri Teacher’s Certificate and serving in a position which does not require a Missouri Teacher’s Certificate.
  • You should contact Social Security at (800) 772-1213 with your questions or visit their website, Social Security.
  • You will also pay into Medicare and are eligible for Medicare Benefits as long as you earn the required number
    of units and attain the appropriate age.

Account Balance / Withdrawal Information

For questions regarding your retirement account balance and/or withdrawal information, please contact a Retirement
System representative at (800) 392-6848 or visit the Retirement System’s website at PSRS-PEERS as the District
does not have access to your account information.

Learn More