Approximately 83 percent of KCPSRS’s 4,049 retirees reside in Greater Kansas City and make a significantly positive impact in this community. Each year, nearly $64 million in pension benefits go to Greater Kansas City residents. Pension dollars are spent in Kansas City for goods and services, e.g. food, housing, clothing, medicine. This, in turn, creates a ripple effect that supports the local economy, provides jobs, and helps keep Kansas City vital and economically healthy.
Pension expenditures have large multiplier effects on the economy. According to a recent report, Pensionomics 2016: Measuring the Economic Impact of Defined Benefit Pension Expenditures, by the National Institute on Retirement Security (NIRS), each dollar paid out in pension benefits supported $1.41 in total economic activity in Missouri. NIRS key findings for Missouri indicate retiree expenditures stemming from state and local pension plan benefits supported 41,750 jobs in the state, paying $1.9 billion in wages and salaries.
Go Team!!
~S
kcpsrs_admin September 21st, 2016
Posted In: Uncategorized
Are you ready to retire? Click here to watch a video and find out. And be sure to read the rest of this page for additional information.
Our goal is to make this process as easy as possible for you to take the next steps in your life’s journey.
Before you begin…
Schedule an Appointment:
Call the KCPSRS office at 816-472-5800 or email your Benefits Administrator & Educator, at kelly.fowler@kcpsrs.org.
Retirement Checklist
Be prepared to discuss:
Be prepared to bring the following documentation to your scheduled appointment:
Due Dates
Your retirement application must be on file with KCPSRS no less than 30 days and no more than 90 days prior to your anticipated effective retirement date. For instance if you were to retire at the end of the school year (May 31st) your effective retirement date would be June 1st. Your appointment with the Retirement Specialist should be scheduled between March 1st and April 30th. The chart below illustrates retirement application submission and deadline dates for specific retirement dates.
Questions?
If you need help with any part of the retirement process, our office hours are Monday thru Friday 8:00 am – 4:30 pm, where you can:
Visit this website anytime to find the latest news and check your personal account.
kcpsrs_admin September 13th, 2016
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Can I withdraw money from my retirement account while I am still employed by an employer covered by the retirement system?
No. You may withdraw the contributions you paid plus accrued interest ONLY after you cease covered employment and after a 60-calendar day and a 15 workday break in service has occurred.
I’ve heard this retirement plan is a “pretax savings plan”. How does that benefit me?
Your 9% contribution comes out of your paycheck before taxes are taken out. Therefore, your taxable income is reduced in the years in which you contribute to the plan.
What does “Vesting” mean?
Vesting relates to entitlement of benefits. Once you acquire 5 years of creditable service, you will be “vested” in the retirement plan. That means you have a right to a monthly benefit under this plan when all other qualifying retirement (age and service credits) requirements are met.
I’ve heard my employer matches my contribution to the retirement system. Why don’t I see that money in my account?
The employer does make contributions to the retirement system as required by Missouri Statutes. The employer’s contributions are not part of an individual members’ accounts. Employer contributions go into a general fund at the retirement system to fund the benefits for members who retire from the retirement system. Employer contributions are not “a match” specific to your account.
If I terminate employment and satisfy the 60-day break in service rule, what are my options for withdrawing the funds from my retirement account?
A member can opt for:
Lump sum payouts are considered taxable income and are subject to an immediate 20% deduction for federal withholding tax. In addition, if you are under the age of 59 ½ the IRS will generally access an additional 10% early withdrawal penalty when you file your year-end tax return. This penalty may not apply if you are 55 years old or older in the year in which your employment ends with the employer covered by this retirement system. Please contact a tax advisor to see if the 10% penalty will apply to you.
A rollover to a pre-tax “qualified” retirement account is generally not subject to the 20% federal income tax withholding or the 10% early withdrawal penalty. By rolling over the money to a pre-tax “qualified” retirement account you are deferring the payment of taxes and penalty (if applicable) on this money until it is actually distributed to you.
I’m an active employee contributing to the retirement system. What happens to my account if I die?
If you die, BEFORE you retire with KCPSRS, KCPSRS will pay your primary beneficiary (as reflected on your signed beneficiary form) the balance of your account in the form of a lump sum payout, rollover, or combination lump sum payout/rollover. If your primary beneficiary for the plan is a surviving spouse, a dependent child under age 19, or a dependent parent, the primary beneficiary may elect to receive a monthly retirement benefit. The monthly benefit for your spouse or dependent will be calculated under Option 1 (100% Joint & Survivor).
Every member of the retirement system should have completed and submitted a KCPSRS beneficiary designation form. This beneficiary form designates the person(s) you selected as your primary beneficiary and contingent beneficiary. If you have not completed a beneficiary designation form, are unsure if you have completed one, or are unsure who you have named as beneficiary, you can look at MY ACCOUNT on the KCPSRS website or contact the Retirement Office.
How are my retirement benefits calculated?
The various types of benefit calculations can be found on KCPSRS website in the ACTIVE MEMBERS tab. The standard retirement benefit calculation is equal to your average annual compensation (your four highest consecutive years of service) times a multiplier (2% if you are in Plan B and 1.75% if in Plan C) times your number years of creditable service years. This calculation provides the annual standard retirement benefit amount. Divide it by 12 to determine your monthly benefit. At retirement you may choose from one of four payment options. Choosing a survivor option will result in a decreased amount, however guarantees a continued lifetime benefit to your survivor should you pass away.
What if I want to work after I retire?
If you want to work in the KCMO School District, the Charter Schools, the Public Library or the Retirement Office, you are allowed to work in a part-time, temporary or long-term substitute capacity up to 600 hours in a 12-month period year (July 1 – June 30). If you go over 600 hours, you must contact the Retirement Office so your retirement benefits can be suspended until the next school year begins. (It important and your responsibility to track the number of hours you have worked).
If you return to work in a regular, full-time capacity in the aforementioned locations, you must also contact the Retirement Office. Your retirement benefits will be suspended until such time you retire again.
If you wish to work anywhere other than the KCMO School District, the Charter Schools, the Public Library or the Retirement Office, you may work as much as you desire and it will NOT affect your retirement benefits.
I want to retire at the end of the school year, but I’m planning to work summer school. How does that work?
You must have at least a 15 working day break between your employment termination date and the beginning of your part-time or summer school assignment. Summer school work counts toward the 600 hour and salary limits. You must include summer school hours in your tracking of works worked.
Can I withdraw money from my retirement account while I am still employed by an employer covered by the retirement system?
Since membership in the Plan is a condition of employment, a withdrawal only available if your employment has ended and you have had a 60 day “break in service” since your employment ended. You may then request a refund of contributions and earned interest.
Loans and hardship distributions are not available with this type of plan.
What type of retirement plan am I in?
Our plan is a 401(a) Defined Benefit Plan. By Missouri law, participation is a requirement and a condition of employment for all regular full-time employees of the Kansas City School District (KCMSD), the charter schools within the boundaries of KCMSD, the Kansas City Public Library (KCPL), and KCPSRS.
Additional Information: Retirement plans generally fall under one of the above mentioned categories: Defined Benefit (DB) Plan or Defined Contribution (DC) Plan. Although both plans are ways to save for retirement, they are vastly different from each other.
A Defined Benefit (DB) Plan uses a definite formula by which individual benefits are calculated. In other words, the “benefit” formula is “defined”. As a member of a DB Plan you will be entitled to a lifetime monthly retirement benefit once you meet the eligibility requirements for retirement. The benefit does not change or drop when the stock market falters. A DB plan sponsor assumes responsibility for investment risk. Generally, DB Plans have a wider range of investment options than are available to individual DC plan investors, and are professionally managed at a much lower cost than an individual pays for an investment account.
In contrast, in a Defined Contribution (DC) Plan, the benefit is determined by how well the individual invests the account and the financial market conditions at and during retirement. The individual bears the investment risk and poor investment choices can result in inadequate retirement savings. With a DC Plan, individuals may outlive the funds available to them during retirement. An examples of a DC Plan include a 401K, 403B, and 457.
Many people believe that a good retirement plan is having both a DB plan and a DC plan to provide a guaranteed lifetime benefit (the DB plan) and a supplemental income when needed or for a limited time period (the DC plan).
Where’s my retirement benefit monthly statement?
All retirees will receive a statement at the end of the year. At any time, you are able to access the detail of your monthly payment, and all previous payments, online at www.kcpsrs.org by clicking on the
MY ACCOUNT tab. If you have not yet registered for your private access to your account information, clicking on MY ACCOUNT will provide you directions needed. MY ACCOUNT is a secure site. It is set up with online security similar to an online checking account to protect your private information.
I just retired and am anticipating my first benefit check but I haven’t received it in my checking account or my mailbox. Where is it?
Your first benefit check will be mailed to you at the end of the month in which you retired. For example: if you retired June 1, your first check will be mailed at the end of June. We cannot reissue paper checks unless seven (7) days have passed from the original mailing date. A stop-payment fee may apply.
After the first benefit check, your benefit will be direct deposited to the account you provided to us on the last business day of every month. If you are not signed up for direct deposit, let us help you sign up. The direct deposit form can be found on the website.
I just turned in my paperwork for a withdrawal/refund of my contributions account but I haven’t received the payment yet. Where is it?
You must have a break in service of 60 calendar days and 15 workdays before your refund paperwork can be accepted for processing. After that, your refund check will be processed and mailed on the 15th of the month, or if the 15th falls on a weekend or holiday, it will be mailed on the first working day after the 15th. Please allow your postal carrier to deliver the check to your address.
kcpsrs_admin September 8th, 2016
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The Kansas City Public School Retirement system (KCPSRS) is a defined benefit (DB) pension plan that provides lifetime and disability retirement benefits to members and survivor benefits to qualified beneficiaries.
kcpsrs_admin September 8th, 2016
Posted In:
The general administration and the responsibility for the proper operation of the retirement system are vested in a board of trustees of twelve persons who are resident taxpayers of the school district and include the superintendent of the school district if a resident, four appointees of the board of education, four trustees elected by the active members of the System, two retired trustees elected by the retirees of the System, and one trustee appointed by the library board. The appointed and elected trustees serve staggered four year terms.
Summary of Board of Trustees’ Roles and Responsibilities
(effective September 2022)
| Cecelia Carter, Chairperson | appointed by School Board | term expires 2025 |
| Dr. Jennifer Collier, Interim Superintendent | Superintendent | ex-officio |
| Dr. Lauren Amicone | elected by the members | term expires 2027 |
| Roger Offield | elected by the members | term expires 2024 |
| Jamekia Kendrix | elected by the members | term expires 2025 |
| Andrew Murphy | elected by the members | term expires 2026 |
| Beverly Pratt | elected by retired members | term expires 2024 |
| Linda Watkins | elected by retired members | term expires 2026 |
| Dr. Eddie Smith | appointed by School Board | term expires 2027 |
| Brian Welch | appointed by School Board | term expires 2024 |
| Judy Morgan | appointed by School Board | term expires 2026 |
| Debbie Siragusa | appointed by Library District | term expires 2026 |
| Christine Gierer | Interim Executive Director |
| Tyler Walock | Accountant |
| Cierra Kelley | Benefits Data Analyst |
| Cheryl Bennett | Benefit Specialist & Educator |
| Zoe Wilson | Business Communications Specialist |
| Shannon McClain | Benefit Payroll Coordinator |
kcpsrs_admin August 31st, 2016
Posted In:
The Kansas City Public School Retirement System (KCPSRS) created in 1944, is governed by the statutes of the state of Missouri.
KCPSRS is designed to provide a significant and stable source of retirement, disability and survivor benefits for the employees of the Kansas City, Missouri School District; the Kansas City Public Library; the charter schools within the boundaries of the Kansas City Missouri School District; and the Retirement System. KCPSRS is a Defined Benefit (DB) pension plan providing lifetime retirement benefits to qualified members based on a calculation formulas set by Missouri law.
A twelve-member board of trustees is responsible for the overall administration of KCPSRS. The System is funded by employee and employer contributions and investment earnings.
The Kansas City Public School Retirement System works to fulfill the expectation of a secure retirement for employees of Kansas City’s School District, charter schools and Public Library.
In pursuit of our mission, our work is guided and informed by four core values.
kcpsrs_admin August 31st, 2016
Posted In:
Options for health and dental insurance may be found by contacting Select Quote at (855) 650-5014.
The Blue Cross Blue Shield (BCBS) Rates below are available only to Kansas City Public School District employees who chose to keep their medical and/or dental benefits when they transitioned into retirement.
If you have any questions regarding your medical and/or dental benefits, please contact Blue Cross Blue Shield of Kansas City at 816.395.2270 or visit Blue Cross Blue Shield.
2024 BCBS Medical and Dental Information
2023 BCBS Medical and Dental Information
Blue KC Premium Prescription Drug List (PDL) – New for 2023
kcpsrs_admin August 31st, 2016
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If your beneficiary is entitled to receive a monthly pension under the Active Member Death Benefit provisions, the benefit amount will be calculated based on the following:
1) The death benefit will be calculated using the retirement benefit formula, and using your date of death as the date of retirement.
2) If you die as an active member, the years of service will be the greater of ten or your actual years of service.
3) Your primary beneficiary will receive the 100% survivor benefit known as “Option 1” (see Retirement Benefit Calculation).
4) If your primary beneficiary is a dependent child the benefit will terminate when the child attains age nineteen.
Remember: Death benefits are not the same as the survivor option of a retirement or disability retirement benefit. The Primary Beneficiary must be the member’s wife, dependent parent, or dependent child.
Your age, at the time of your death, and the age of your beneficiary will affect the amount of the Survivor Benefit. Please contact the Retirement Office with questions.
kcpsrs_admin August 31st, 2016
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Your disability benefit is calculated in the same way that your retirement allowance is determined; however, you are deemed to have reached retirement age at the time you qualify for disability benefits.
The minimum disability allowance is 25% of your average final compensation, or a benefit calculated assuming you worked to age 60—whichever is smaller. Contact the Retirement Office to find out how these provisions might apply to your situation.
Example: Pat Smith becomes disabled at age 38 after working at the Library for 15 years. His average annual compensation is $22,500. Even though he is several years less than normal retirement age, Pat is deemed to be eligible for full retirement.The calculation of Pat’s benefit would be:
Under Plan B
$22,500 x 15 x .02 = 562.50
12
Under Plan C
$22,500 x 15 x .0175 = 492.19
12
Your Disability benefit will be subject to adjustment if you resume any kind of work. You should call the Retirement Office if that situation arises.
Similar to regular retirement you many choose the Basic Benefit, Option 1,Option 2, or Option 3.
kcpsrs_admin August 31st, 2016
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