Teachers of Missouri participate, by law, in the Public School Retirement System. Each teacher is required to contribute fourteen and one half (14.5%) percent of his/her total wages (Salary plus Health Insurance/Annuity). The school district is required to match the amount contributed by each teacher. Teachers new to the school district after April, l986, are required to have deducted from their payroll checks 1.45% of their annual salaries for Medicare insurance. The district is required to match this deduction. Certificated personnel in Non-Certificated positions will be required to pay Social Security (6.2%) and a reduced Teacher retirement amount (9.67%).
Early Retirement Incentive:
If any teacher or administrator employed by School of the Osage elects to retire immediately upon becoming eligible (first year of eligibility) in any of the situations listed below, an early retirement incentive will be paid to the teacher as follows:
If written notification of retirement is received by
|January 1||$6,000 incentive||December 1||$6,000 incentive|
|February 1||$4,000 incentive||January 1||$4,000 incentive|
|March 1||$2,000 incentive||February 1||$2,000 incentive|
Twenty-five (25) and out- This means if a teacher has 25 years of service in the Public School Retirement System of Missouri and retires immediately after having attained twenty-five (25) years of service and if the provision of “25 and out” provides for “full formula benefits” in PSRS.
Thirty (30) years of service- This means if a teacher has 30 years of service in the Public School Retirement System of Missouri and retires immediately after the thirty (30) years of service is completed.
Rule of 80 – This means if a teacher has enough years experience plus age to equal 80 in the Public School Retirement System of Missouri and elects to retire immediately upon becoming eligible for this benefit.
In each of the above scenarios the teacher must have served School of the Osage students a minimum of ten (10) consecutive years.
This is an early retirement incentive and does not apply when a teacher has accumulated more than 30 years in the Public School Retirement System of Missouri.
If a teacher completes thirty (30) years of service during the school year, the teacher may continue through the remainder of the school year and receive the early retirement incentive.
*We encourage you to educate yourself through PSRS regarding your personal retirement plans and needs.