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PSRS and PEERS Employees

For Missouri school employees, their involvement in the Public School Retirement System (PSRS) or the Public Education Employees Retirement System (PEERS) is likely a very large family asset. For a teacher that accumulates 30 years of service (by working 30 years or purchasing some service to get to 30 years), PSRS will provide an annual income equal to 75% of that teacher’s highest three consecutive years audited salary (which includes certain benefits such as health insurance). This income source also includes Cost Of Living Adjustments (COLA).

PSRS is a non-Social Security contributory system, while PEERS does contribute to Social Security. Understanding what that means for your family is not simple, but very important. Both defined benefit plans are generous in allowing members to purchase additional service credit. They also have complicated decisions including whether or not to take a partial lump sum and which, if any, of the many survivor benefit options makes the most sense. We help families determine which of these decisions may be in their (and their family’s) best interest.

We hold group educational events in both our Kirksville and Columbia offices. We try to keep the groups relatively small so that attendees can learn as much as possible in about an hour. Neither Financial Planners of Missouri, retained by, or affiliated with PSRS.