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 MembersTotal SalaryAverage Salary
0 - 242,645$142,657,401 $53,935
25 - 2910,237$620,214,741 $60,586
30 - 3413,039$936,305,661 $71,808
35 - 3914,131$1,174,018,579 $83,081
40 - 4415,296$1,387,422,184 $90,705
45 - 4914,335$1,352,387,236 $94,342
50 - 5414,334$1,383,826,647 $96,542
55 - 5910,573$1,019,771,583 $96,451
60 - 645,528$531,722,940 $96,187
65+1,927$182,858,310 $94,893
Total102,045$8,731,185,282 $85,562

Benefits paid, by age

Present AgeNumber of MembersTotal BenefitsAverage Benefits
Less than 4027$375,758 $13,917
40 - 4452$900,934 $17,326
45 - 4987$1,485,807 $17,078
50 - 54278$6,551,306 $23,566
55 - 591,618$71,953,282 $44,471
60 - 645,653$292,750,785 $51,787
65 - 6911,357$593,183,966 $52,231
70 - 7418,576$977,787,972 $52,637
75 - 7917,420$880,800,809 $50,563
80 - 849,052$414,183,545 $45,756
85 - 894,353$171,437,235 $39,384
90+2,787$88,018,020 $31,582
Totals71,260$3,499,429,419 $49,108