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

Author

Listed:
  • Nino Abashidze
  • Robert L. Clark
  • Lee A. Craig

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.

Suggested Citation

  • Nino Abashidze & Robert L. Clark & Lee A. Craig, 2022. "Quantifying and Explaining the Decline in Public-School Teacher Retirement Benefits," NBER Working Papers 30472, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30472
    Note: AG LS PE
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    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets
    • N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913

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