554.0 Retirement Plans

P-554.0

The College participates, as required by Missouri State Law, in the Public School Retirement System of Missouri (PSRS) and the Public Education Employees Retirement System of Missouri (PEERS).

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Eligible employees are required, at hire or when hours hired to work reach eligibility levels, to participate in either the PSRS or PEERS.

The College determines into which system employees are placed by following eligibility rules set forth by the PSRS/PEERS and Missouri Revised Statutes.

When a new position is created, the Vice President for Human Resources analyzes the position for retirement plan assignment. PEERS eligibility is assigned by the Vice President for Human Resources. Positions meeting one or more of the following criteria are forwarded to the College President for consideration as PSRS eligible:

Engaged in full-time teaching duties
Employed in a full-time supervisory capacity
Employed in a full-time educational administrative position

In accordance with RSMo 169.140, the College President shall deem a position certified (certificated) and thereby assigned to the PSRS retirement system.

Note: Employees who possess a Missouri teacher's certificate are PSRS eligible regardless of the position held; they must work the minimum number of hours for membership.

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PSRS contribution amount, effective July 2011 is 14.5% plus a College match of 14.5%. PEERS contribution amount, effective July 2011 is 6.86% plus a College match of 6.86%.

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In accordance with federal and state legislation and eligibility rules for the Missouri Retirement Systems, assignment into Social Security, PSRS and PEERS retirement systems is based on the following criteria:

Employment Category	Social Security (SS)/Retirement Plan Participation
FT employee with DESE license to teach OR certified by SCC President	100% PSRS and no SS if not currently enrolled in PEERS In accordance with 1977 option: If currently enrolled in PEERS, then employee may choose: SS and 2/3 PSRS OR SS and PEERS
FT employee without DESE license to teach and without certification by SCC President	SS and PEERS
PT employee without DESE license working 20 hours or more per week but less than FT	SS and PEERS
PT employee with DESE license working 20 or more hours but less than FT	SS and 2/3 PSRS OR Employee may elect, within 90 days of their initial part-time employment, SS and PEERS
PT employee without DESE license working less than 20 hours per week	SS (unless exempted by Payroll Department due to student employment)
PT employee with DESE license working 17, 18, or 19 hours per week but less than FT in a position that requires staff to work 600 or more hours per fiscal year or adjuncts to work more than 18 credit hours per semester.	If PSRS member before 7/1/10, then 100% PSRS and no SS; If not PSRS member before 7/1/10, then SS and 2/3 PSRS OR Employee may elect, within 90 days of their initial part-time employment, SS and PEERS
PT employee working less than 17 hours & PSRS member working at another PSRS-covered employer	SS and 2/3 PSRS
PT employee working less than 17 hours per week with a DESE license & not working at another PSRS-covered employer	SS
Rehired Annuitant (Any current employee or future hires who are PSRS or PEERS retirees must pay SS and no PSRS or PEERS deductions.)	SS

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The Payroll Department is available to answer questions; however, employees are encouraged to call PSRS/PEERS member services at 1-800-392-6848.

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Membership information will be issued to eligible employees by the Human Resources Department. Employees may also call PSRS/PEERS member services at the number listed above or access information online at www.psrs-peers.org.

**Policy Code Key**
P	Policy	PR	Procedure	D	Definition	S	Supplement

Content Owner: Donna Davis—ddavis@stchas.edu
Page Updated by: Jessica Trimborn
Date Issued:
Date Revised: 04/21/2010, 09/09/10, 03/2012

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554.0 Retirement Plans