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

$41.9B

Assets (managed by the Pension Reserves Investment Management board)

63.3%

Funded ratio

2036

Year fully funded (target)

Membership

Active members

101,122
Annual payroll

$9.04B
Average salary

$89,377
Average age

44.1

168,653

members

Benefit recipients

71,006
Annual benefits

$3.5B
Average benefit

$49,941
Average age

74.9

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

Active member salary, by age

AgeNumber of MembersTotal SalaryAverage Salary
0-242,397$154,228,654 $64,342
25-299,623$625,382,041 $64,988
30-3412,575$944,366,044 $75,099
35-3913,899$1,197,840,039 $86,182
40-4415,090$1,412,003,370 $93,572
45-4914,653$1,433,155,686 $97,806
50-5414,222$1,418,370,800 $99,731
55-5911,148$1,114,139,349 $99,941
60-645,580$551,105,848 $98,764
65+1,935$187,358,646 $96,826
Total101,122$9,037,950,477 $89,377

Benefits paid, by age

Present AgeNumber of MembersTotal BenefitsAverage Benefits
Less than 4029$494,509 $17,052
40-4450$833,594 $16,672
45-4992$1,608,279 $17,481
50-54282$7,299,043 $25,883
55-591,614$72,885,374 $45,158
60-645,613$298,293,160 $53,143
65-6910,568$556,095,675 $52,621
70-7417,305$919,591,621 $53,140
75-7918,547$956,853,152 $51,591
80-849,909$467,411,789 $47,170
85-894,330$175,817,728 $40,605
90+2,667$88,968,340 $33,359
Totals71,006$3,546,152,264 $49,942