Quantifying and Explaining the Decline in Public-School Teacher Retirement Benefits

Nino Abashidze, Robert L. Clark and Lee A. Craig

No 30472, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In recent decades, many states have reduced future retirement benefits for newly hired teachers. We estimate that in 2020 the average initial monthly retirement benefit, for teachers retiring with 30 years of service, is 11.2 percent lower than that of teachers retiring in the same plan with the provisions that were in place in 2000, implying a lower annual benefit of over $3,000. We examine why state plans that cover only teachers, along with plans in which teachers are not included in Social Security, have made smaller reductions in the generosity of their pension benefits in recent decades.

JEL-codes: H55 J26 J32 J45 N31 (search for similar items in EconPapers)
Date: 2022-09
New Economics Papers: this item is included in nep-age, nep-lma and nep-ure
Note: AG LS PE
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