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 members98,926 |
Annual payroll$7.70B |
Average salary$77,878 |
Average age43.6 |
168,653
members
Benefit recipients69,727 |
Annual benefits$3.31B |
Average benefit$47,432 |
Average age74 |
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 | 2,519 | $77,901,141 | $30,925 |
25-29 | 10,267 | $519,490,619 | $50,598 |
30-34 | 13,226 | $856,642,952 | $64,770 |
35-39 | 14,004 | $1,073,043,658 | $76,624 |
40-44 | 14,697 | $1,230,369,028 | $83,716 |
45-49 | 13,258 | $1,164,546,267 | $87,837 |
50-54 | 13,817 | $1,235,269,136 | $89,402 |
55-59 | 9,639 | $864,752,187 | $89,714 |
60-64 | 5,600 | $509,169,377 | $90,923 |
65+ | 1,899 | $172,991,617 | $91,096 |
Total | 98,926 | $7,704,175,982 | $77,878 |
Benefits paid, by age
Present Age | Number of members | Total benefits | Average benefit |
---|---|---|---|
Less than 40 | 19 | $247,593 | $13,031 |
40–44 | 44 | $658,325 | $14,962 |
45–49 | 91 | $1,477,493 | $16,236 |
50–54 | 229 | $5,207,535 | $22,740 |
55–59 | 1,497 | $64,785,406 | $43,277 |
60–64 | 5,793 | $286,902,550 | $49,526 |
65–69 | 13,612 | $701,200,491 | $51,513 |
70–74 | 20,537 | $1,052,303,817 | $51,239 |
75–79 | 14,156 | $674,545,595 | $47,651 |
80–84 | 7,134 | $299,851,764 | $42,031 |
85–89 | 3,988 | $144,746,859 | $36,296 |
90+ | 2,627 | $75,343,867 | $28,681 |
Totals | 69,727 | $3,307,271,295 | $47,432 |