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)
60.4%	Funded ratio
2036	Year fully funded (target)

Membership

Active members

102,045

Annual payroll

$8.73B

Average salary

$85,562

Average age

43.8

168,653

members

Benefit recipients

71, 260

Annual benefits

$3.5B

Average benefit

$49,108

Average age

74.7

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	2,645	$142,657,401	$53,935
25 - 29	10,237	$620,214,741	$60,586
30 - 34	13,039	$936,305,661	$71,808
35 - 39	14,131	$1,174,018,579	$83,081
40 - 44	15,296	$1,387,422,184	$90,705
45 - 49	14,335	$1,352,387,236	$94,342
50 - 54	14,334	$1,383,826,647	$96,542
55 - 59	10,573	$1,019,771,583	$96,451
60 - 64	5,528	$531,722,940	$96,187
65+	1,927	$182,858,310	$94,893
Total	102,045	$8,731,185,282	$85,562

Benefits paid, by age

Present Age	Number of Members	Total Benefits	Average Benefits
Less than 40	27	$375,758	$13,917
40 - 44	52	$900,934	$17,326
45 - 49	87	$1,485,807	$17,078
50 - 54	278	$6,551,306	$23,566
55 - 59	1,618	$71,953,282	$44,471
60 - 64	5,653	$292,750,785	$51,787
65 - 69	11,357	$593,183,966	$52,231
70 - 74	18,576	$977,787,972	$52,637
75 - 79	17,420	$880,800,809	$50,563
80 - 84	9,052	$414,183,545	$45,756
85 - 89	4,353	$171,437,235	$39,384
90+	2,787	$88,018,020	$31,582
Totals	71,260	$3,499,429,419	$49,108