Keeping Missouri Schools Strong with Experienced Teachers
PSRS/PEERS pension benefits to Missouri retirees is the past five-years, totaling over $12 billion. These contributions from the teachers and their school districts positively impact the economy of the state, the 114 Missouri counties and the communities in which the 83,000 retirees live. 4. A report by the National Institute on Retirement Security (NIRS), “Pensionomics 2018: Measuring the Eco nomic Impact of DB Pension Expenditures” found that each $1.00 in pensions in Missouri ultimately is multi plied to $1.43 in total output in Missouri. 5. Further, that same report shows each $1.00 of retiree contribution returns as much as $6.00 in total output in Missouri. T he past 73 years have laid a strong foundation for the future of education retirees in Missouri. MRTA recognizes how the Public School Retirement System (PSRS) has contributed to creating strong communities in Missouri by providing a strong retirement program for Missouri teachers. Let’s keep it that way. Because of PSRS 1. 2. 3. 4. 5. 6. Retirees are financially far better off than they would be under a 401(k) plan. Schools are better off because they have veteran teachers. Student performance is better because of veteran teachers. Communities are better off because retirees spend their pension benefits in the community, and those expenditures are multiplied. Every county in Missouri is financially better off. T he State’s economy is enriched by $3 billion annually. Any changes to PSRS’s retirement benefit calculations resulting in a reduction of benefits will negatively impact Missouri’s economy, and negatively impact every county in Missouri. Let’s not do that to our children’s future.
Our Pension Watchdog as of December 31, 2019, over 97,000 individuals received benefits from PSRS/PEERS. Total annual benefits paid were more than $3 billion. Of this amount, more than $2.7 billion, or 89%, was distributed among Missouri's 114 counties, positively impacting the state's economy. Complete article available at user_file_9 (mrta.org)
PSRS/PEERS pension benefits to Missouri retirees is the past five-years, totaling over $12 billion. These contributions from the teachers and their school districts positively impact the economy of the state, the 114 Missouri counties and the communities in which the 83,000 retirees live. 4. A report by the National Institute on Retirement Security (NIRS), “Pensionomics 2018: Measuring the Eco nomic Impact of DB Pension Expenditures” found that each $1.00 in pensions in Missouri ultimately is multi plied to $1.43 in total output in Missouri. 5. Further, that same report shows each $1.00 of retiree contribution returns as much as $6.00 in total output in Missouri. T he past 73 years have laid a strong foundation for the future of education retirees in Missouri. MRTA recognizes how the Public School Retirement System (PSRS) has contributed to creating strong communities in Missouri by providing a strong retirement program for Missouri teachers. Let’s keep it that way. Because of PSRS 1. 2. 3. 4. 5. 6. Retirees are financially far better off than they would be under a 401(k) plan. Schools are better off because they have veteran teachers. Student performance is better because of veteran teachers. Communities are better off because retirees spend their pension benefits in the community, and those expenditures are multiplied. Every county in Missouri is financially better off. T he State’s economy is enriched by $3 billion annually. Any changes to PSRS’s retirement benefit calculations resulting in a reduction of benefits will negatively impact Missouri’s economy, and negatively impact every county in Missouri. Let’s not do that to our children’s future.
Our Pension Watchdog as of December 31, 2019, over 97,000 individuals received benefits from PSRS/PEERS. Total annual benefits paid were more than $3 billion. Of this amount, more than $2.7 billion, or 89%, was distributed among Missouri's 114 counties, positively impacting the state's economy. Complete article available at user_file_9 (mrta.org)
2% COLA for 2024!
MRTA staff attended the PSRS/PEERS Board of Trustees meeting this morning Monday, October 30, 2023. Included in the lengthy agenda was determining the 2024 cost-of-living adjustment for eligible retirees. COLAs are vital to the financial stability and security of our retirees. MRTA has a long history of fighting for COLAs for retirees and will continue to advocate for the return of the COLA Policy as prior to 2016.
The current COLA policy in short is:
The last two years have been somewhat of an anomaly with a high inflation rate, two consecutive years of a 5% COLA have resulted in some retirees becoming “COLA capped.” The total lifetime COLA cannot exceed 80% of a retiree’s original benefit. According to Missouri state statues, when a retiree reaches this 80% cap, they no longer receive COLAs. This is an issue that MRTA has started to research and consider more than we have in the past. On October 23, 2023, MRTA Executive Director Maria Walden submitted a letter to PSRS/PEERS requesting an actuarial cost statement on the cost to increase the 80% cap for our most vulnerable seniors. While we do expect the consumer price index to return to more normal patterns in the future, this cap can be detrimental for those who have been retired for many years and are our most vulnerable retirees.
Thank you for your membership in MRTA!
MRTA staff attended the PSRS/PEERS Board of Trustees meeting this morning Monday, October 30, 2023. Included in the lengthy agenda was determining the 2024 cost-of-living adjustment for eligible retirees. COLAs are vital to the financial stability and security of our retirees. MRTA has a long history of fighting for COLAs for retirees and will continue to advocate for the return of the COLA Policy as prior to 2016.
The current COLA policy in short is:
The last two years have been somewhat of an anomaly with a high inflation rate, two consecutive years of a 5% COLA have resulted in some retirees becoming “COLA capped.” The total lifetime COLA cannot exceed 80% of a retiree’s original benefit. According to Missouri state statues, when a retiree reaches this 80% cap, they no longer receive COLAs. This is an issue that MRTA has started to research and consider more than we have in the past. On October 23, 2023, MRTA Executive Director Maria Walden submitted a letter to PSRS/PEERS requesting an actuarial cost statement on the cost to increase the 80% cap for our most vulnerable seniors. While we do expect the consumer price index to return to more normal patterns in the future, this cap can be detrimental for those who have been retired for many years and are our most vulnerable retirees.
Thank you for your membership in MRTA!
MRTA staff attended the PSRS/PEERS Board of Trustees meeting this morning Monday, October 30, 2023. Included in the lengthy agenda was determining the 2024 cost-of-living adjustment for eligible retirees. COLAs are vital to the financial stability and security of our retirees. MRTA has a long history of fighting for COLAs for retirees and will continue to advocate for the return of the COLA Policy as prior to 2016.
The current COLA policy in short is:
- 0% COLA when the CPI-U is less than 2%
- 2% COLA when the cumulative CPI-U reaches 2% or more
- 2% COLA when the CPI-U is 2% to 5%
- 5% COLA when the CPI-U is 5% or more
The last two years have been somewhat of an anomaly with a high inflation rate, two consecutive years of a 5% COLA have resulted in some retirees becoming “COLA capped.” The total lifetime COLA cannot exceed 80% of a retiree’s original benefit. According to Missouri state statues, when a retiree reaches this 80% cap, they no longer receive COLAs. This is an issue that MRTA has started to research and consider more than we have in the past. On October 23, 2023, MRTA Executive Director Maria Walden submitted a letter to PSRS/PEERS requesting an actuarial cost statement on the cost to increase the 80% cap for our most vulnerable seniors. While we do expect the consumer price index to return to more normal patterns in the future, this cap can be detrimental for those who have been retired for many years and are our most vulnerable retirees.
Thank you for your membership in MRTA!
MRTA staff attended the PSRS/PEERS Board of Trustees meeting this morning Monday, October 30, 2023. Included in the lengthy agenda was determining the 2024 cost-of-living adjustment for eligible retirees. COLAs are vital to the financial stability and security of our retirees. MRTA has a long history of fighting for COLAs for retirees and will continue to advocate for the return of the COLA Policy as prior to 2016.
The current COLA policy in short is:
- 0% COLA when the CPI-U is less than 2%
- 2% COLA when the cumulative CPI-U reaches 2% or more
- 2% COLA when the CPI-U is 2% to 5%
- 5% COLA when the CPI-U is 5% or more
The last two years have been somewhat of an anomaly with a high inflation rate, two consecutive years of a 5% COLA have resulted in some retirees becoming “COLA capped.” The total lifetime COLA cannot exceed 80% of a retiree’s original benefit. According to Missouri state statues, when a retiree reaches this 80% cap, they no longer receive COLAs. This is an issue that MRTA has started to research and consider more than we have in the past. On October 23, 2023, MRTA Executive Director Maria Walden submitted a letter to PSRS/PEERS requesting an actuarial cost statement on the cost to increase the 80% cap for our most vulnerable seniors. While we do expect the consumer price index to return to more normal patterns in the future, this cap can be detrimental for those who have been retired for many years and are our most vulnerable retirees.
Thank you for your membership in MRTA!
Because of PSRS
- Retirees are financially far better of than they would be under a 401(k) plan
- School are better off because they have veteran teachers.
- Student are better off because they have veteran teachers.
- Communities are better off because retirees spend their pension benefits in the community, and those expenditutes are multiplied.
- Every county in Missouri is financially better off
- The State's economy is enriched by $3 billion annually. Any changes to PSRS's retirement benefit calculations resulting in a reduction of benefits will negatively impact Missouri's economy, and negatively impact every county in Missouri. Let's not do that to our children's future.
Members should have received the IRS forms in the mail. If not, go to the website for more information, just click on the button below.
January 5, 2023 Michael Moorefield, of Columbia, MO, has been named chief counsel for the Public School and Education Employee Retirement Systems of Missouri (PSRS/PEERS) effective January 4, 2023. The position became vacant when former General Counsel Sarah Swoboda assumed the role of chief operating officer for the Retirement Systems in December 2022.
MRTA is happy to announce we have a new benefit provider! Association Member Benefits Advisors (AMBA) will make your membership more valuable with nationwide discounts and programs! Kell Smalley came to our August Zoom meeting to tell us about the AMBA program. Click on the link below for more information.