This page explains the PSRS calculator for Missouri teachers. The rules it uses are in plain English on the formula, early retirement and PLSO pages.
- 1
Project your service
We add the time from today to your retirement date to the service you enter, one year per year. Any two-thirds years you enter count at two-thirds.
Handbook pp. 47-48, Members Contributing at Two-Thirds the Full Contribution Rate - 2
Check eligibility
Normal: age 60 with 5 years, 30 years at any age, or the Rule of 80. Otherwise 25-and-Out (under 55, 25 to under 30 years) or age-reduced (55 to 59, 5+ years). Age is counted on the day before your retirement date.
Handbook p. 47, Normal Retirement Benefits; p. 9, Retirement Eligibility; RSMo 169.070.1 - 3
Apply the formula
Benefit factor × final average salary ÷ 12 × years. 2.5%, or 2.55% with 32+ years. Then the minimum benefit for your service, and no more than 100% of your average.
Handbook p. 46, Benefit Formula Components; p. 47, Benefit Formula - 4
Apply the early factor
25-and-Out: the factor for your whole years (2.2% to 2.4%). Age-reduced: the full formula × PSRS's approximate factor for your age in whole years.
Handbook p. 48, Age-Reduction Factors (approximate) - 5
Work out the PLSO
If you have age 63 with 8, 33 years or the Rule of 86: 12, 24 or 36 × your Single Life benefit as a lump sum, and the monthly benefit × PSRS's approximate factor for your age.
Handbook p. 49, PLSO Reduction Factors (approximate; exact factor depends on age in years and months); PLSO brochure p. 3 (ages 55-70, same values) - 6
Show COLAs
An example of 2% each January from the second January after you retire, compounded, capped at 80% of your first benefit.
Handbook p. 71, Cost-of-Living Adjustments (COLAs) and Example; RSMo 169.070.13
What the calculator doesn't cover
- Your final average salary. We use the number you enter; PSRS figures it from your records, after any salary cap.
- Joint-and-Survivor and Term-Certain amounts. PSRS doesn't publish the factors.
- Disability, survivor benefits and the cost of buying service (the guides show PSRS's examples).
- Taxes, health insurance premiums or other deductions from your check.
- IRS pay and benefit limits.
Assumptions you should know
The "work longer" comparison keeps your salary average the same. The retirement date you enter is the day your benefit starts; PSRS retirements start on the 1st of a month. Ages are counted in whole months, and amounts are shown to the cent.
How we check the math
The calculator runs on a small engine that reads every rule from one data file, with a source cite for each rule. Automated tests check it against the examples PSRS prints, every time the site is built. PSRS's examples round to the dollar; ours keep cents, so a difference under $1 counts as a match.
| PSRS example | PSRS shows | Our engine | Source |
|---|---|---|---|
| Normal: age 60, 28 years | $3,213 | $3,213.00 | Handbook p. 47, Benefit Formula (age 60, 28 years) Match |
| Two-thirds: 25 + 5 years | $2,869 + $383 | $2,869 + $383 | Handbook p. 48, Example (25 full + 5 two-thirds years) Match |
| 25-and-Out: age 50, 25 years | $2,525 | $2,524.50 | Handbook p. 48, Early Retirement Benefits: 25-and-Out, Example Match |
| Age-reduced: age 55, 18 years | $1,351 | $1,351.46 | Handbook p. 48, Early Retirement Benefits: Age-Reduced, Example Match |
| PLSO: age 61, 12 months | $2,968 | $2,967.53 | Handbook p. 49, Examples; PLSO brochure pp. 2-3 Match |
| Service purchase, one year | $15,973 | $15,973.20 | Handbook p. 29, Basic Purchase Cost Calculation Match |
| Disability example | $2,341 | $2,341.00 | Handbook p. 64, Example Match |
| Dependent survivors: spouse + 2 children | $1,460 | $1,460.00 | Handbook p. 39, Example Match |
| Working after retirement: Amy | $19,100 | $19,100 | Handbook p. 79, Example 1 Match |
| Working after retirement: John | $19,500 | $19,500 | Handbook p. 80, Example 2 Match |
| Working after retirement: Collin (community college) | $17,500 | $17,500 | Handbook p. 82, Example Match |
Where the sources disagree
- PSRS benefits are subject to Missouri income tax for residents (with exemptions such as the public pension exemption). Other source: RSMo 169.587 says any retirement allowance under Chapter 169 is 'exempt from any tax of the state of Missouri'; the section's cross-reference points to RSMo 143.123-143.124 on taxation of pensions. We follow: handbook. Handbook pp. 72-73; RSMo 169.587
- Caps of 20% (1997-98 to 2006-07), 12% (2007-08) and 10% (2008-09 and after). Other source: Current RSMo 169.010 says the maximum percentage increase may never exceed 10%. The 20% and 12% rows apply only to past school years, so this matters only for FAS periods before 2008-09. We follow: handbook. Handbook p. 47; RSMo 169.010
- Members under 55 with 25-29.99 years (not Rule of 80) retire under 25-and-Out; age-reduced benefits are described only for ages 55-59. Other source: RSMo 169.070.3(1) lets a member with 25 or more years (or age 55 with 5) elect the actuarial equivalent; the ACFR (p. 30) says age-reduced benefits are available 'with 25 years of service (if not yet age 55)'. We follow: handbook (engine uses 25-and-Out for under-55 members). Handbook p. 48; RSMo 169.070.3(1); ACFR 2025, p. 30
- p. 48 example totals $3,252 by adding lines rounded to whole dollars ($2,869 + $383); the unrounded total is $3,251.25. We follow: formula (engine total $3,251.25; tests check each rounded line). Handbook p. 48, Example
- The worked examples round inconsistently. pp. 47-49 round to the nearest dollar (25-and-Out $2,524.50 -> $2,525; PLSO $2,967.53 -> $2,968; two-thirds lines rounded before adding: $2,869 + $383 = $3,252 vs. unrounded $3,251.25). The p. 46 FAS ($165,261 / 36 = $4,590.58 shown as $4,590) and every p. 56-57 sample amount truncate to whole dollars (e.g. J&S 100% with 12-month PLSO: $2,958 x .9266 = $2,740.88 shown as $2,740; J&S 75% beneficiary $3,018 x 75% = $2,263.50 shown as $2,263). We follow: formula (engine keeps cents and rounds once to the cent); tests check each example with the rounding that example uses. Handbook pp. 46-49, Examples; pp. 56-57, Sample Monthly Benefits
Things to check with PSRS
The sources don't settle these points. Each is labeled "Check with PSRS" where it shows up on the site.
PSRS prints age-reduction factors only for whole ages (55 to 59) and calls them approximate. Its real factor uses your age in years and months, so someone at 55 and 11 months gets a factor between the age-55 and age-56 numbers.
What we use: the factor for your age in whole years. If you're partway to your next birthday, PSRS's figure will likely be a little higher.
PSRS's PLSO reduction factors are also printed by whole age (50 to 70) and are approximate. The exact factor depends on your age in years and months.
What we use: the factor for your age in whole years.
The handbook says your retirement can start on the first day of the month after the day you become eligible. It doesn't say what happens if you turn 60 (or reach the Rule of 80) on the 1st of a month.
What we use: you must be eligible by the day before your retirement date. Turn 60 on July 1 and full benefits start August 1.
PSRS says your age plus service must equal 80, but doesn't say whether your age counts months or only whole years.
What we use: your age in years and months (55 years 6 months = 55.5) plus your service.
PSRS counts service by school year, based on salary. The calculator assumes you earn 1 year for every 12 months you keep working.
What we use: 1 year of service per 12 months from today. Your annual Member Statement shows PSRS's own projected dates.
PSRS doesn't publish the factors that set how much less you get under the Joint-and-Survivor or Term-Certain plans. They depend on your age and, for Joint-and-Survivor, your beneficiary's age. The only figures are one sample in the handbook.
What we use: no amount for those plans. We show PSRS's one sample, labeled as a sample, and suggest asking PSRS for an estimate.
The handbook says the minimum benefit for 15 to 24.99 years is 'reduced' for an age-reduced retirement, but not by how much.
What we use: the minimum times the same age-reduction factor. With 25 or more years the full minimum is paid.
PSRS caps raises during your Final Average Salary years (10% a year now), but doesn't spell out exactly which years are compared. Real job or employer changes are exempt.
What we use: the salary you enter. The cap isn't applied to it; if you had a big raise late in your career, ask PSRS.
PSRS's 2026-2027 table of pro-rated salary limits for non-certificated work doesn't follow a simple monthly pattern, and June retirees get 0 even though one month would remain.
What we use: the table exactly as printed.
COLAs are set every year by the PSRS/PEERS Board. They follow a 2017 Board policy based on inflation, but the Board can change the policy and the law has some discretion.
What we use: a flat 2% a year as an example (the most common COLA), capped at the 80% lifetime limit. Real COLAs may be 0% to 5%.
The handbook says retirements on or after September 1, 2023; the annual report says August 28, 2023 (when the law took effect).
What we use: September 1, 2023. It only matters for past retirement dates.
The PSRS handbook says your benefit is subject to Missouri income tax, with exemptions. But RSMo 169.587 says Chapter 169 benefits are exempt from any Missouri tax. PSRS also doesn't give a dollar figure for the public pension exemption cap.
What we use: what the handbook says. Check with the Missouri Department of Revenue for your own return.
PSRS's examples sometimes round to the nearest dollar and sometimes drop the cents. Its actual rounding isn't stated.
What we use: cents. PSRS's figure may differ by up to $1.
Sources
- PSRS Member Handbook 2026-2027 2026-2027, 'As of September 2026' (cover); back cover code 26DMSP0180
- Understanding the Partial Lump Sum Option (PLSO) brochure undated (current on psrs-peers.org, retrieved 2026-11-11)
- PSRS Working After Retirement brochure 2026-2027 (cover)
- PSRS/PEERS of Missouri 2025 Annual Comprehensive Financial Report fiscal year ended June 30, 2025
- Other PSRS brochures and newsletters (Social Security & Medicare, Protecting Those You Care About, Refund, Reinstating & Purchases, Service Retirement Application Packet, Benefit Check and For Your Benefit newsletters June 2026) retrieved 2026-11-11
- psrs-peers.org web pages (COLAs, Eligibility and Calculations, Social Security and Medicare, Taxes and Your Benefit, Missouri Public Pension Exemption, Working After Retirement Limits, Substitute Teaching Work Limit Waiver, Benefit Plans, Publications) retrieved 2026-11-11
- Revised Statutes of Missouri, Chapter 169 (selected sections) revisor.mo.gov text retrieved 2026-11-11 (169.070 effective 8/28/2023; 169.073 effective 8/28/2009)
Handbook and annual report (ACFR) page numbers are the printed page numbers; the brochures use PDF pages. Missouri law is from the Revisor of Statutes (RSMo Chapter 169). Last reviewed Nov. 12, 2026.
Source: PSRS Member Handbook, 2026-2027 (as of September 2026), pp. 9, 29, 39, 46, 47, 48, 49, 64, 71, 79, 80, 82; PLSO brochure pp. 2, 3; RSMo 169.070. Last reviewed .