Is PSRS a pension?
Membership Advantages
PSRS is a Defined Benefit (DB) pension plan, providing predictable retirement income for life, no matter how long you live. ... The amount of your contributions to PSRS does not impact the amount of your benefits. Benefit amounts are based on a formula that is set by Missouri law.
What does PSRS and Peers stand for?
About PSRS/PEERS
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.
What's the difference between PSRS and peers?
PEERS members participate in the federal Social Security program, but most PSRS members do not. PEERS members contribute at a lower rate to their retirement system than do PSRS members, and the benefit factors used in retirement benefit calculations are different.
How does PSRS work?
While working, you contribute a percentage of your salary to PSRS to help fund your benefits. The contribution rate is set each school year by the PSRS/PEERS Board of Trustees, based on the recommendation of the Systems' actuary after the annual actuarial valuation is complete.
What is PSRS on my paycheck?
back to top) Because PSRS is a Defined Benefit, or DB, retirement plan, your benefits are calculated using a formula set by law and are guaranteed for your lifetime. The amount of money in your PSRS membership when you retire does not impact the amount of benefits you receive.
What is the difference between peers and PSRS?
PEERS members participate in the federal Social Security program, but most PSRS members do not. PEERS members contribute at a lower rate to their retirement system than do PSRS members, and the benefit factors used in retirement benefit calculations are different.
What type of account is PSRS?
PSRS is a Defined Benefit (DB) pension plan, providing predictable retirement income for life, no matter how long you live. In most cases, the retirement benefits paid to PSRS members greatly exceed the funds they contribute while working.
Is PSRS a government pension?
PSRS is considered a qualified government plan under the Missouri Public Pension Exemption.