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Determinants of the generosity of pension plans for public school teachers, 1982–2006

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  • CLARK, ROBERT L.
  • CRAIG, LEE A.

Abstract

All states provide pension plans to their teachers and civil servants; however, these plans vary across the states. We present a history of the development of teacher retirement plans during the twentieth century, describe how teacher plans relate to retirement plans for other state employees, and assess the impact of teachers not being included in Social Security on the benefits they receive from their employer pension plan. Over the past 25 years, public school teacher retirement plans in the United States have increased in generosity as benefit formulas have been increased, salary averaging periods have been reduced, and the normal retirement age has been lowered. We employ data from retirement plans in the states to estimate the impact of social and economic factors on the replacement rates for teachers retiring with 30 years of service.

Suggested Citation

  • Clark, Robert L. & Craig, Lee A., 2011. "Determinants of the generosity of pension plans for public school teachers, 1982–2006," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(1), pages 99-118, January.
    • Handle: RePEc:cup:jpenef:v:10:y:2011:i:01:p:99-118_00
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    Cited by:

    1. Dan Goldhaber & Cyrus Grout, 2016. "Pension Choices and the Savings Patterns of Public School Teachers," Education Finance and Policy, MIT Press, vol. 11(4), pages 449-481, Fall.
    2. Morrill, Melinda Sandler & Westall, John, 2019. "Social security and retirement timing: evidence from a national sample of teachers," Journal of Pension Economics and Finance, Cambridge University Press, vol. 18(4), pages 549-564, October.
    3. Cory Koedel & Shawn Ni & Michael Podgursky, 2014. "Who Benefits from Pension Enhancements?," Education Finance and Policy, MIT Press, vol. 9(2), pages 165-192, March.
    4. Robert L. Clark & Lee A. Craig & John Sabelhaus, 2011. "State and Local Retirement Plans in the United States," Books, Edward Elgar Publishing, number 13685.
    5. Cory Koedel & Jason A. Grissom & Shawn Ni & Michael Podgursky, 2011. "Pension-Induced Rigidities in the Labor Market for School Leaders," Working Papers 1115, Department of Economics, University of Missouri.

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