Missouri Public School Retirement System (PSRS)
public plan · State of Missouri · Jefferson City, MO
On funding, Missouri Public School Retirement System (PSRS) sits in the moderate band: 84% of liabilities covered, $9.1B unfunded. This is the modal funding-ratio bucket for U.S. pension plans — neither flush nor distressed.
State of Missouri runs Missouri Public School Retirement System (PSRS) as a public-sector defined-benefit plan. The plan operates outside the ERISA framework; oversight comes from state pension boards and the sponsor's legislative body rather than the federal Department of Labor or PBGC. The plan remains active — accruing new benefits for current employees and accepting new participants. Among private-sector single-employer plans, the active status is increasingly rare as employers freeze accruals while continuing to fund existing obligations; public-sector plans are more often still actively accruing.
Missouri Public School Retirement System (PSRS) is a large pension plan with $47.0B in assets and 220,000 participants (112,000 active, 108,000 retired). Large plans usually have professional investment management and complex actuarial structures. Active and retired participants are roughly balanced (112,000 active, 108,000 retired). The plan is in a steady-state cash-flow phase where new accruals offset benefit payments. Annual cash flows: $2.2B in sponsor contributions versus $3.0B in benefit payments. Investment performance over the most recent year ran 6.3%, against the plan's assumed long-term return of 7.2%.
On PBGC risk classification: low — the plan's funded status and solvency trajectory are favorable enough that PBGC intervention is not on the near-term horizon. Public plans like Missouri Public School Retirement System (PSRS) are not PBGC-insured. The benefit guarantee rests on the sponsoring government's ability and willingness to make required contributions, which interacts with state and local tax-base dynamics.
Source: DOL EFAST2 Form 5500 filings and Boston College CRR Public Plans Database.
Funding History
What This Means for You
Missouri Public School Retirement System (PSRS) is in excellent financial health at 84% funded. This means for every dollar the plan owes in future benefits, it has 84 cents in assets to cover it. As a public pension, benefits are typically backed by the taxing authority of the sponsoring government. Participants in this plan have relatively low risk of benefit reductions.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2023 | $47.0B | $56.1B | 83.8% | $2.2B |
| 2022 | $45.6B | $54.9B | 83.0% | $2.1B |
| 2021 | $44.2B | $51.4B | 86.0% | $2.1B |
| 2020 | $42.8B | $53.5B | 80.0% | $2.0B |
| 2019 | $41.4B | $50.4B | 82.0% | $1.9B |
Frequently Asked Questions
Missouri Public School Retirement System (PSRS) is 84% funded, meaning it has 84 cents in assets for every dollar in future benefit obligations. This is considered healthy by actuarial standards.
Missouri Public School Retirement System (PSRS) has 220,000 total participants, including 112,000 active employees and 108,000 retirees currently receiving benefits.
Missouri Public School Retirement System (PSRS) is not covered by the PBGC. Benefits depend entirely on the plan's assets and the sponsor's ability to fund it.
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.