Welcome to Your Retirement System

Retirement is in Your Future –
But When?
Learn More about PSRS,
Right Now
Your membership begins right now, but when can you
retire? You are eligible to retire with full, or normal,
benefits at:
Right now is the time to learn more about PSRS, even
if your retirement isn’t top of mind. There are many
ways to stay informed about your membership and
your Retirement System.
• Age 60 with at least five years of service
• Any age with at least 30 years of service
• Rule of 80: when the sum of your age and years of
service equals 80 or more
Early retirement options are also available, but
benefits under these options are reduced.
The earlier you start planning for retirement, the better
prepared you will be, and the better your chances for
peace of mind in retirement.
Financial experts agree that
the average individual
After 30 years
needs to replace 70%
of
service under
to 90% of his or her
normal
retirement,
pre-retirement income
your
PSRS
benefit
to maintain the same
will
replace
standard of living
approximately
during retirement. Your
75% of your
PSRS benefit, Social
pre-retirement
Security (if eligible)
income.
and other pensions
and savings should all
be considered part of this
replacement income.
Web Member Services: Set up
secure access to view and update
your membership online at
www.psrs-peers.org. Under your
login, you can view current membership
information, including your contributions
and interest, years of service, salary history and
beneficiary designation.
Using Web Member Services, you can update your
contact information, create and view purchase cost
estimates, use our Benefit Estimator, and even file for
retirement when eligible.
• Annual Member Statement: Your Member
Statement is available online each fall under your
login. It provides a summary of your contributions
and interest, years of service, salary history and
your beneficiary designations as of the end of the
previous school year. It also includes projected
retirement benefit estimates based on your current
membership.
• Social Media: Follow us on Facebook and Twitter.
• Website: In addition to Web Member Services, our
website, www.psrs-peers.org, contains current
news, forms, publications, benefit and purchase
cost estimators and other valuable information.
Welcome
to Your
Retirement
System
Contact Us
PO Box 268
Jefferson City, MO 65102-0268
3210 W. Truman Blvd.
Jefferson City, MO 65109
(573) 634-5290 or
toll free (800) 392-6848
Email: [email protected]
Website: www.psrs-peers.org
Legal Disclaimer
This brochure explains your rights, benefits and
responsibilities as a member of the Public School
Retirement System of Missouri (PSRS). It is intended
to serve as a ready source of information about the
System and not as a legal document or a substitute
for the law. If differences appear between the law and
the brochure, the law must prevail.
• For Your Benefit Newsletter: You receive
newsletters throughout the year with retirementrelated information.
The System is governed by the laws found in
Chapter 169, Revised Statutes of Missouri, and the
Missouri Code of State Regulations (CSR) Title 16,
Division 10.
• PSRS Information Center: Trained
representatives are available Monday through
Friday, 7:30 a.m. to 5 p.m. to answer any
questions you may have about your membership.
Similarly, the law takes precedence over any oral
statements made by a representative of PSRS
regarding your rights, benefits and responsibilities as
a PSRS member.
For further information, please refer to the PSRS
Member Handbook, contact us at our office or visit
us online.
16MSP0020
P
SRS Welcome to Your Retirement System
Right Now…You are Working Toward
Lifetime Retirement Benefits
Your Retirement Security
Begins Right Now!
The Public School Retirement System of Missouri
(PSRS) is here to help you get started on your way to
a financially secure retirement. This brochure is your
introduction to the advantages you have as a member
of PSRS and how you are working toward a secure
retirement … Right Now.
Advantages of your PSRS
Membership
• Lifetime Retirement Benefits
• Your Contributions Plus Interest Returned In Full
The moment you became a member of PSRS, you
started investing in your retirement security. You are a
member of a Defined Benefit (DB) plan, which means
your benefits are based on a formula defined by law
and payable for your life. Once you have five years
of qualified service with PSRS, you are vested and can
receive lifetime retirement benefits when you
are eligible.
PSRS is not like a 401(k), 403(b) or IRA. Unlike those
types of retirement plans, your PSRS benefit is not
limited to what you have contributed. Your PSRS
benefits are paid for life, no matter how long you live.
In a DB plan like PSRS, every dollar you contribute
plus interest will be returned to you or a loved one in
the form of a monthly benefit or a lump-sum payment.
And it isn’t just your contributions that will support you
in retirement.
Sources of Funding
Approximately 62¢ of every dollar paid to retirees is
generated from investment earnings.
PSRS membership is automatic, regardless of
position, for eligible certificated employees at
PSRS-covered employers.
However, if you are a certificated employee working
less than full-time, but for at least 17 hours per week
on a regular basis in a position that normally requires
at least 600 hours during the school year, you can
choose to be a member of the Public Education
Employee Retirement System of Missouri (PEERS),
instead. You must do so within 90 days of your first
employment as a part-time, certificated employee.
This is a very important decision that could have a
major impact on your retirement. For more information,
please contact us.
P
SRS Welcome to Your Retirement System
Most PSRS members do not contribute
to Social Security. However, you may be
eligible for Social Security as a result of
other employment or through a spouse. If
you qualify for PSRS retirement benefits and
Social Security benefits, two Social Security
laws, the Windfall Elimination Provision (WEP)
and the Government Pension Offset (GPO),
may cause a reduction in your Social Security
benefit.
We recommend that you contact Social Security
at (800) 772-1213, visit their website,
www.socialsecurity.gov, or visit your local your
local Social Security office to determine how the WEP
and GPO laws may affect you.
You are Protecting Your Loved Ones
Right Now
Providing for Your Beneficiaries
• When making your beneficiary designation,
keep in mind that only a sole, individual
beneficiary is eligible to receive monthly
benefits, which can be more advantageous
than a lump-sum refund of your contributions
and interest.
20-Year Average
• Financial Protection for Your Loved Ones Now and
After You Retire
Membership Eligibility
PSRS Members and Social Security
18¢
• Keep your beneficiary designations up-to-date
so any benefits are paid according to your
wishes.
The contributions made by your employer, as well as
the investment returns generated by the Systems,
are also part of the funding for your secure retirement
future.
• If you have a life-changing event, such as a
marriage, birth of a child or a divorce, don’t
forget to file a new beneficiary designation.
You can create and update your beneficiary
designation online during the first 18 months
of your membership. For your security, any
beneficiary changes made after that time must
be made using a Pre-Retirement Beneficiary
Designation form, available on our website or
from our office.
62¢
Investment
Earnings
20¢
Members
Employers
Note: The 20¢ includes member contributions and service
purchases.
You can also provide financial protection for your loved
ones after you retire. At retirement, you have the
flexibility to choose a benefit plan that fits your needs,
and provides the level of protection you desire for your
loved ones.
Other Membership Advantages
• Disability Benefits: If you develop an illness or
sustain an injury that prevents you from working
in any capacity, you may be eligible for PSRS
disability benefits.
• Purchasing Service: All members are eligible to
purchase some type of service with PSRS before
retirement. Purchasing additional service can
help you:
• Achieve a higher benefit
• Reach retirement eligibility sooner
• COLAs: Cost-of-living adjustments are payable on
your retirement and disability benefits.
• $5,000 Death Benefit: As a retiree, a one-time,
lump-sum death benefit of $5,000 is payable to
the beneficiary you designate specifically for this
benefit.
Right Now…You are Working Toward
Lifetime Retirement Benefits
Your Retirement Security
Begins Right Now!
The Public School Retirement System of Missouri
(PSRS) is here to help you get started on your way to
a financially secure retirement. This brochure is your
introduction to the advantages you have as a member
of PSRS and how you are working toward a secure
retirement … Right Now.
Advantages of your PSRS
Membership
• Lifetime Retirement Benefits
• Your Contributions Plus Interest Returned In Full
The moment you became a member of PSRS, you
started investing in your retirement security. You are a
member of a Defined Benefit (DB) plan, which means
your benefits are based on a formula defined by law
and payable for your life. Once you have five years
of qualified service with PSRS, you are vested and can
receive lifetime retirement benefits when you
are eligible.
PSRS is not like a 401(k), 403(b) or IRA. Unlike those
types of retirement plans, your PSRS benefit is not
limited to what you have contributed. Your PSRS
benefits are paid for life, no matter how long you live.
In a DB plan like PSRS, every dollar you contribute
plus interest will be returned to you or a loved one in
the form of a monthly benefit or a lump-sum payment.
And it isn’t just your contributions that will support you
in retirement.
Sources of Funding
Approximately 62¢ of every dollar paid to retirees is
generated from investment earnings.
PSRS membership is automatic, regardless of
position, for eligible certificated employees at
PSRS-covered employers.
However, if you are a certificated employee working
less than full-time, but for at least 17 hours per week
on a regular basis in a position that normally requires
at least 600 hours during the school year, you can
choose to be a member of the Public Education
Employee Retirement System of Missouri (PEERS),
instead. You must do so within 90 days of your first
employment as a part-time, certificated employee.
This is a very important decision that could have a
major impact on your retirement. For more information,
please contact us.
P
SRS Welcome to Your Retirement System
Most PSRS members do not contribute
to Social Security. However, you may be
eligible for Social Security as a result of
other employment or through a spouse. If
you qualify for PSRS retirement benefits and
Social Security benefits, two Social Security
laws, the Windfall Elimination Provision (WEP)
and the Government Pension Offset (GPO),
may cause a reduction in your Social Security
benefit.
We recommend that you contact Social Security
at (800) 772-1213, visit their website,
www.socialsecurity.gov, or visit your local your
local Social Security office to determine how the WEP
and GPO laws may affect you.
You are Protecting Your Loved Ones
Right Now
Providing for Your Beneficiaries
• When making your beneficiary designation,
keep in mind that only a sole, individual
beneficiary is eligible to receive monthly
benefits, which can be more advantageous
than a lump-sum refund of your contributions
and interest.
20-Year Average
• Financial Protection for Your Loved Ones Now and
After You Retire
Membership Eligibility
PSRS Members and Social Security
18¢
• Keep your beneficiary designations up-to-date
so any benefits are paid according to your
wishes.
The contributions made by your employer, as well as
the investment returns generated by the Systems,
are also part of the funding for your secure retirement
future.
• If you have a life-changing event, such as a
marriage, birth of a child or a divorce, don’t
forget to file a new beneficiary designation.
You can create and update your beneficiary
designation online during the first 18 months
of your membership. For your security, any
beneficiary changes made after that time must
be made using a Pre-Retirement Beneficiary
Designation form, available on our website or
from our office.
62¢
Investment
Earnings
20¢
Members
Employers
Note: The 20¢ includes member contributions and service
purchases.
You can also provide financial protection for your loved
ones after you retire. At retirement, you have the
flexibility to choose a benefit plan that fits your needs,
and provides the level of protection you desire for your
loved ones.
Other Membership Advantages
• Disability Benefits: If you develop an illness or
sustain an injury that prevents you from working
in any capacity, you may be eligible for PSRS
disability benefits.
• Purchasing Service: All members are eligible to
purchase some type of service with PSRS before
retirement. Purchasing additional service can
help you:
• Achieve a higher benefit
• Reach retirement eligibility sooner
• COLAs: Cost-of-living adjustments are payable on
your retirement and disability benefits.
• $5,000 Death Benefit: As a retiree, a one-time,
lump-sum death benefit of $5,000 is payable to
the beneficiary you designate specifically for this
benefit.
Retirement is in Your Future –
But When?
Learn More about PSRS,
Right Now
Your membership begins right now, but when can you
retire? You are eligible to retire with full, or normal,
benefits at:
Right now is the time to learn more about PSRS, even
if your retirement isn’t top of mind. There are many
ways to stay informed about your membership and
your Retirement System.
• Age 60 with at least five years of service
• Any age with at least 30 years of service
• Rule of 80: when the sum of your age and years of
service equals 80 or more
Early retirement options are also available, but
benefits under these options are reduced.
The earlier you start planning for retirement, the better
prepared you will be, and the better your chances for
peace of mind in retirement.
Financial experts agree that
the average individual
After 30 years
needs to replace 70%
of
service under
to 90% of his or her
normal
retirement,
pre-retirement income
your
PSRS
benefit
to maintain the same
will
replace
standard of living
approximately
during retirement. Your
75% of your
PSRS benefit, Social
pre-retirement
Security (if eligible)
income.
and other pensions
and savings should all
be considered part of this
replacement income.
Web Member Services: Set up
secure access to view and update
your membership online at
www.psrs-peers.org. Under your
login, you can view current membership
information, including your contributions
and interest, years of service, salary history and
beneficiary designation.
Using Web Member Services, you can update your
contact information, create and view purchase cost
estimates, use our Benefit Estimator, and even file for
retirement when eligible.
• Annual Member Statement: Your Member
Statement is available online each fall under your
login. It provides a summary of your contributions
and interest, years of service, salary history and
your beneficiary designations as of the end of the
previous school year. It also includes projected
retirement benefit estimates based on your current
membership.
• Social Media: Follow us on Facebook and Twitter.
• Website: In addition to Web Member Services, our
website, www.psrs-peers.org, contains current
news, forms, publications, benefit and purchase
cost estimators and other valuable information.
Welcome
to Your
Retirement
System
Contact Us
PO Box 268
Jefferson City, MO 65102-0268
3210 W. Truman Blvd.
Jefferson City, MO 65109
(573) 634-5290 or
toll free (800) 392-6848
Email: [email protected]
Website: www.psrs-peers.org
Legal Disclaimer
This brochure explains your rights, benefits and
responsibilities as a member of the Public School
Retirement System of Missouri (PSRS). It is intended
to serve as a ready source of information about the
System and not as a legal document or a substitute
for the law. If differences appear between the law and
the brochure, the law must prevail.
• For Your Benefit Newsletter: You receive
newsletters throughout the year with retirementrelated information.
The System is governed by the laws found in
Chapter 169, Revised Statutes of Missouri, and the
Missouri Code of State Regulations (CSR) Title 16,
Division 10.
• PSRS Information Center: Trained
representatives are available Monday through
Friday, 7:30 a.m. to 5 p.m. to answer any
questions you may have about your membership.
Similarly, the law takes precedence over any oral
statements made by a representative of PSRS
regarding your rights, benefits and responsibilities as
a PSRS member.
For further information, please refer to the PSRS
Member Handbook, contact us at our office or visit
us online.
16MSP0020
P
SRS Welcome to Your Retirement System