Massachusetts Teachers’ Retirement System statistics
(As of 1/1/2022, unless otherwise noted)
Overview
- Established July 1, 1914
- Largest of the Commonwealth’s 104 contributory retirement systems
- Defined benefit plan under IRC 401(a), providing retirement, survivor and disability benefits
- Members: Teachers and administrators in all Massachusetts public schools (except in the City of Boston), charter schools and educational collaboratives
- Employers: 421 public school districts, charter schools and educational collaboratives
Funding
11% | New member contribution rate as of 7/1/2001 |
7.0% | Assumed rate of return on system assets |
$36.5B | Assets (managed by the Pension Reserves Investment Management board) |
58.7% | Funded ratio |
2036 | Year fully funded (target) |
Membership
Active members101,286 |
Annual payroll$8.37B |
Average salary$82,652 |
Average age43.5 |
168,653
members
Benefit recipients70,769 |
Annual benefits$3.42B |
Average benefit$48,390 |
Average age74.3 |
PRIT Fund performance summary (as of 08/31/2023)
Active member salary, by age
Present Age | Number of Members | Total Salary | Average Salary |
---|---|---|---|
0 - 24 | 2,602 | $136,808,498 | $52,578 |
25 - 29 | 10,602 | $626,238,477 | $59,068 |
30 - 34 | 13,394 | $931,802,455 | $69,569 |
35 - 39 | 14,286 | $1,148,070,339 | $80,363 |
40 - 44 | 15,112 | $1,332,814,679 | $88,196 |
45 - 49 | 13,709 | $1,254,215,156 | $91,488 |
50 - 54 | 14,223 | $1,321,781,511 | $92,933 |
55 - 59 | 10,068 | $938,568,006 | $93,223 |
60 - 64 | 5,405 | $506,637,519 | $93,735 |
65+ | 1,885 | $174,512,889 | $92,580 |
Total | 101,286 | $8,371,449,529 | $82,652 |
Benefits paid, by age
Present Age | Number of Members | Total Benefits | Average Benefits |
---|---|---|---|
Less than 40 | 25 | $295,993 | $11,840 |
40 - 44 | 49 | $803,733 | $16,403 |
45 - 49 | 74 | $1,141,152 | $15,421 |
50 - 54 | 255 | $6,098,501 | $23,916 |
55 - 59 | 1,635 | $71,585,144 | $43,783 |
60 - 64 | 5,793 | $294,127,762 | $50,773 |
65 - 69 | 12,361 | $642,106,599 | $51,946 |
70 - 74 | 19,728 | $1,028,373,345 | $52,128 |
75 - 79 | 15,932 | $785,421,284 | $49,298 |
80 - 84 | 8,060 | $355,298,931 | $44,082 |
85 - 89 | 4,144 | $157,391,045 | $37,980 |
90+ | 2,713 | $81,868,621 | $30,176 |
Totals | 70,769 | $3,424,512,110 | $48,390 |