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554 - Retirement Plans
554 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).|
|Pr-554.0.1||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:
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.
|Pr-554.0.2||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%.|
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:
|Pr-554.0.4||The Payroll Department is available to answer questions; however, employees are encouraged to call PSRS/PEERS member services at 1-800-392-6848.|
|Pr-554.0.5||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.|