Proudly serving Massachusetts educators since 1914

Established on July 1, 1914, the Massachusetts Teachers’ Retirement System is the largest of the Commonwealth’s 104 contributory retirement systems. We provide retirement, disability and survivor benefits to more than 94,000 active educators and over 67,000 retirees and survivors.

Mission statement

To ensure that members of the Massachusetts Teachers’ Retirement System achieve and maintain a successful and secure retirement through responsible benefits administration, financial integrity and the provision of outstanding services.

So reads our mission statement. If you have any questions about MTRS benefits or our services—or have any feedback or suggestions for us at any time—please let us know. We are here to serve you!

Type of plan

The MTRS is a defined benefit retirement plan that operates as a qualified plan under section 401(a) of the Internal Revenue Code. Under the MTRS defined benefit plan, retirement benefits are determined according to a set formula, and the amount is guaranteed regardless of fluctuations in the pension fund’s performance; retirement benefits are payable for a retiree’s lifetime.

Governance

The MTRS is governed by the Massachusetts Teachers’ Retirement Board, which is comprised of seven members.

Membership

Eligibility for membership in the MTRS is primarily determined by the definition of “teacher” in M.G.L. c. 32, §1. However, other sections of Chapter 32, Chapter 71 §89(y), as well as the MTRS regulation on membership eligibility also set out criteria for membership. In general, individuals employed as teachers or administrators in a Massachusetts public school outside of the City of Boston, or in any educational collaborative or charter school in Massachusetts (and who meet the eligibility requirements) are required to become members of the MTRS.

Eligibility requirements for superannuation retirement benefits

  • Tier 1 members (effective membership date before April 2, 2012): EITHER age 55 with a minimum of 10 years of creditable service, OR any age with a minimum of 20 years of creditable service
  • Tier 2 members (effective membership date on or after April 2, 2012): Age 60 with a minimum of 10 years of creditable service

(As of 1/1/2023*, 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)

58.7%

Funded ratio

2036

Year fully funded (target)

Membership

Active members

101,286


Annual payroll

$8.37B


Average salary

$82,652


Average age

43.5

172,055

members

Benefit recipients

70,769


Annual benefits

$3.42B


Average benefit

$48,390


Average age

74.3

PRIT Fund performance summary (as of 4/30/2024)

Active member salary, by age

Present
Age
Number of MembersTotal SalaryAverage Salary
0 - 242,602$136,808,498$52,578
25 - 2910,602$626,238,477$59,068
30 - 3413,394$931,802,455$69,569
35 - 3914,286$1,148,070,339$80,363
40 - 4415,112$1,332,814,679$88,196
45 - 4913,709$1,254,215,156$91,488
50 - 5414,223$1,321,781,511$92,933
55 - 5910,068$938,568,006$93,223
60 - 645,405$506,637,519$93,735
65+1,885$174,512,889$92,580
Total101,286$8,371,449,529$82,652

Benefits paid, by age

Present AgeNumber of MembersTotal BenefitsAverage Benefits
Less than 4025$295,993$11,840
40 - 4449$803,733$16,403
45 - 4974$1,141,152$15,421
50 - 54255$6,098,501$23,916
55 - 591,635$71,585,144$43,783
60 - 645,793$294,127,762$50,773
65 - 6912,361$642,106,599$51,946
70 - 7419,728$1,028,373,345$52,128
75 - 7915,932$785,421,284$49,298
80 - 848,060$355,298,931$44,082
85 - 894,144$157,391,045$37,980
90+2,713$81,868,621$30,176
Totals70,769$3,424,512,110$48,390

*Source: Mass. Teachers’ Retirement System Valuation Report (2023)

Asset management

The assets of the MTRS are managed by the Pension Reserves Investment Management (PRIM) Board.

Oversight

The MTRS and all Massachusetts public contributory retirement systems are overseen by the Public Employee Retirement Administration Commission (PERAC).