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 members

101,286

Annual payroll

$8.37B

Average salary

$82,652

Average age

43.5

168,653

members

Benefit recipients

70,769

Annual benefits

$3.42B

Average benefit

$48,390

Average age

74.3

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