retiree benefits and account information

Retirees

Once you complete the retirement application process and receive your first monthly retirement benefit, you are considered a “retiree”. As a retiree, there are several items to keep in mind:

 

Payment Dates

KCPSRS issues benefit payments on the last business day of the month by direct deposit. For those few who receive a paper check, the retirement benefit checks are mailed on the business day before the last business day of the month. If you do not receive a check by the tenth of the following month, you should contact the Retirement Office to request a replacement check.

Change of Name or Address

Use this form to update your contact information.

Direct Deposit

Use this form to initiate direct deposit or change your direct deposit to a different bank account.

Direct deposit is the safest and fasted way to receive your retirement benefit. Nearly 98% of KCPSRS retirees receive their benefits through direct deposit. Benefits paid via direct deposit are posted to your bank account by noon on the last business day of the month. Pension checks sent via U.S. mail can take up to three, four, and even five business days to arrive at your home. There is a replacement fee for lost checks. For your convenience and safety, we strongly encourage you to receive your monthly benefit by direct deposit.

Tax Withholding

Use this form to adjust the amount withheld from your retirement benefit.

All or part of your benefit will be subject to income taxation. You can direct the system to have federal and Missouri taxes withheld from your retirement checks by filling out the tax withholding form. If you do not complete and submit a tax withholding form, we are required to assess a standard withholding allowance from your monthly benefit.

The retirement system issues a Form 1099-R for each calendar year, by January 31st of the following year, to every person who receives a retirement benefit. The form lists the amounts of distributions and tax withholdings for the year and should be used in filing your income tax return for the year of the distribution.

Deadline for Changes

The Retirement Office must receive changes of address; tax withholding changes or direct deposit account changes by the fifteenth of the month in order for the changes to take effect for the next monthly pension payment.

Retirees Returning to Work

Part-time or Temporary-substitute

Work for the Kansas City School District, Kansas City Public Library, KCPSRS, and the Charter Schools within the School District boundaries cannot be more than 600 hours per school year (i.e. July 1 through June 30th). Working in excess of 600 hours requires the Retiree to discontinue receiving the monthly retirement benefit. The (former) Retiree must notify the Retirement Office in writing prior to reaching 600 hours so the monthly retirement allowance is stopped timely in order to avoid the Retiree owing payment(s) back to the Retirement System.

Full-time Reemployment

Working in a full-time equivalent job category with the School District, Public Library, KCPSRS, or a Charter School within boundaries of the Kansas City, Missouri School District requires the retiree to discontinue receiving the monthly retirement check. The (former) Retiree must notify the Retirement Office in writing prior to the month reemployment begins so the monthly retirement benefit is stopped timely in order to avoid the Retiree owing payment(s) back to the Retirement System.

Insurance

Your retirement benefit is not impacted by your health insurance. You are responsible for your own medical and dental insurance. For individuals who retired from the School District and choose to continue to Blue Cross Blue Shield (BCBS), you will be billed directly by BCBS. Here are the 2016 BCBS Rates for Retirees

Other options for health insurance can be found by contacting Select Quote at 855-650-5014 or www.KCPSRS.selectquotebenefits.com