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 members102,045 |
Annual payroll$8.73B |
Average salary$85,562 |
Average age43.8 |
168,653
members
Benefit recipients71, 260 |
Annual benefits$3.5B |
Average benefit$49,108 |
Average age74.7 |
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 |