Under a continuous career, our hypothetical teacher would obtain 30 years of service by age 55, qualifying her for «normal» retirement benefits immediately at 75 percent of final average salary. (educationnext.org)
The plan provides an annual pension equal to 2 percent of the worker's final average salary multiplied by years of service. (educationnext.org)
All five states provide traditional final average salary defined - benefit plans to teachers, with some differences. (educationnext.org)