Retirement
Two organizations provide retirement benefits for most of Missouri’s public school employees. The Public School Retirement System, or PSRS, represents teachers, counselors and other certificated employees. The Public Education Employee Retirement System, PEERS, represents custodians, secretaries, bus drivers and others who are not certificated. Teachers in the St. Louis City and Kansas City 33 school districts have their own system.
Who’s in charge of PSRS/PEERS?
PSRS/PEERS is run by a Board of Trustees. Four of the trustees are elected by members of the system and serve four-year terms. The other three are appointed by the governor.
How does it work?
The PSRS/PEERS Board of Trustees votes on contribution rates every year. Rates may change based on actuarial reports. PSRS members and their employers each contribute 14.5 percent. PEERS members and their employers contribute 6.86 percent. Members receive a statement every fall showing their account balance.
Do I also get Social Security?
Most PSRS/PEERS members do not have Social Security taxes withheld from their earnings, therefore they do not receive Social Security benefits. As of July 2010, certain employees must pay two-thirds of their retirement contributions into PSRS and the remaining portion into Social Security. Check with your district to see where you fall.
Not that I don’t love teaching,
but when can I retire?
There are three ways to get eligibility:
l At age 60 with at least five years of service.
l After 30 years of service, regardless of age.
l When you meet the Rule of 80, which means the sum of your age, plus years of service equals at least 80.
Members can also seek early retirement if they are at least age 55, with at least five years of service, or have at least 25 years of service. Benefits for early retirement are calculated with an age-reduced formula.
I have a question that’s
not answered here.
PSRS/PEERS offers Pre-Retirement Planning Seminars for members who are within five years of retirement. These are held throughout the state and at PSRS headquarters in Jefferson City. PSRS also offers individual retirement counseling in-person and online. For more information, or to register, call PSRS at 800-392-6848.
For your own reference, the PSRS/PEERS website has extensive information about eligibility, calculating benefits, payment options and more. Learn more at psrs-peers.org
Once you retire you can stay involved with MSTA by joining the Retired Missouri State Teachers Association. msta.org/rmsta