Sentences with phrase «average teacher retirement benefit»

But, even as the funded ratio dropped from 78 percent in 2006 to 54 percent funded in 2012, the average teacher retirement benefit increased from $ 37,241 in 2006 to $ 46,440 in 2012.

As Chicago's pension funding is falling, the average teacher retirement benefit is rising.

Not exact matches

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.

In the median state, less than half of all teachers are expected to work long enough to vest in their retirement plan — meaning that despite big spending and promises, less than half of all public - school teachers, on average, will ever receive retirement benefits for their years on the job (see Figure 3).

Under these plans, a teacher's retirement benefit is based on a combination of factors: how many years he or she worked, some percentage (also known as a «multiplier» or «accrual factor,» for instance 2 percent), and a final average salary (FAS).

Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.

While the average civilian employee receives $ 1.92 per hour worked for retirement benefits, teachers receive $ 7.38 per hour in retirement compensation.

South Carolina contributes 1.6 percent of teacher salaries toward retirement benefits, which is below the national average and could leave teachers vulnerable to insufficient retirement savings.

New Jersey contributes 3.5 percent of teacher salaries toward retirement benefits, which is below the national average and could leave teachers vulnerable to insufficient retirement savings.

Benefits are calculated using age at the time of retirement, years of service, and the average of a teacher's highest three consecutive years» salaries.

However, on average, teachers were willing to pay just 20 cents of their current compensation for a dollar of future retirement benefits; hence, these teachers preferred current wages over pension wealth by a factor of five - to - one.

While the average civilian employee receives $ 1.78 for retirement benefits per hour of work, public school teachers receive $ 6.22 per hour in retirement compensation.

Since 2004, total employer contributions for teacher retirement benefits, inclusive of Social Security, have increased from 12 to almost 23 percent of salaries on average nationally.