Massachusetts Teachers’ Retirement System statistics

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

$35.5B

Assets (managed by the Pension Reserves Investment Management board)

59%

Funded ratio

2036

Year fully funded (target)

Membership

Active members

98,926
Annual payroll

$7.70B
Average salary

$77,878
Average age

43.6

168,653

members

Benefit recipients

69,727
Annual benefits

$3.31B
Average benefit

$47,432
Average age

74

PRIT Fund performance summary (as of 08/31/2023)

Active member salary, by age

Present AgeNumber of MembersTotal SalaryAverage Salary
0-242,519$77,901,141 $30,925
25-2910,267$519,490,619 $50,598
30-3413,226$856,642,952 $64,770
35-3914,004$1,073,043,658 $76,624
40-4414,697$1,230,369,028 $83,716
45-4913,258$1,164,546,267 $87,837
50-5413,817$1,235,269,136 $89,402
55-599,639$864,752,187 $89,714
60-645,600$509,169,377 $90,923
65+1,899$172,991,617 $91,096
Total98,926$7,704,175,982$77,878

Benefits paid, by age

Present AgeNumber of membersTotal benefitsAverage benefit
Less than 4019$247,593 $13,031
40–4444$658,325 $14,962
45–4991$1,477,493 $16,236
50–54229$5,207,535 $22,740
55–591,497$64,785,406 $43,277
60–645,793$286,902,550 $49,526
65–6913,612$701,200,491 $51,513
70–7420,537$1,052,303,817 $51,239
75–7914,156$674,545,595 $47,651
80–847,134$299,851,764 $42,031
85–893,988$144,746,859 $36,296
90+2,627$75,343,867 $28,681
Totals69,727$3,307,271,295 $47,432