OLR Research Report


April 17, 2002

 

2002-R-0419

TEACHER RETIREMENT PLAN INCOME REPLACEMENT AND PLAN COMPARISONS

By: Judith Lohman, Chief Analyst

Age

Years of Credited Service

 

20

21

22

23

24

 

55

28. 00%

29. 40%

30. 80%

32. 20%

33. 60%

 

56

30. 40

31. 92

33. 44

34. 96

36. 48

 

57

32. 80

34. 44

36. 08

37. 72

39. 36

 

58

35. 20

36. 96

38. 72

40. 48

42. 24

 

59

37. 60

39. 48

41. 36

43. 24

45. 12

 

60

40. 00

42. 00

44. 00

46. 00

48. 00

 
 

Age

Years of Credited Service

25

26

27

28

29

30

31

50

25. 00%

28. 08%

31. 32%

34. 72%

38. 28%

51. 00%

54. 56%

51

27. 00

28. 08

31. 32

34. 72

38. 28

51. 00

54. 56

52

29. 00

30. 16

31. 32

34. 72

38. 28

51. 00

54. 56

53

31. 00

32. 24

33. 48

34. 72

38. 28

51. 00

54. 56

54

33. 00

34. 32

35. 64

36. 96

38. 28

51. 00

54. 56

55

35. 00

36. 40

37. 80

39. 20

40. 60

51. 00

54. 56

56

38. 00

39. 52

41. 04

42. 56

44. 08

52. 80

54. 56

57

41. 00

42. 64

44. 28

45. 92

47. 56

54. 60

56. 42

58

44. 00

45. 76

47. 52

49. 28

51. 04

56. 40

58. 28

59

47. 00

48. 88

50. 76

52. 64

54. 52

58. 20

60. 14

60

50. 00

52. 00

54. 00

56. 00

58. 00

60. 00

62. 00

Age

Years of Credited Service

32

33

34

35

36

37

37. 5

50

58. 24%

62. 04%

65. 96%

70. 00%

72. 00%

74. 00%

75. 00%

51

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

52

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

53

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

54

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

55

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

56

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

57

58. 24

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

58

60. 16

62. 04

65. 96

70. 00

72. 00

74. 00

75. 00

59

62. 08

64. 02

65. 96

70. 00

72. 00

74. 00

75. 00

60

64. 00

66. 00

68. 00

70. 00

72. 00

74. 00

75. 00

Age

Years of Credited Service

10

11

12

13

14

60+

10. 00%

12. 10%

14. 40%

16. 90%

19. 60%

Age

Years of Credited Service

15

16

17

18

19

20

60+

22. 50%

25. 60%

28. 90%

32. 40%

36. 10%

40. 00%

State

Annual Pension

% Final Salary

State

Annual Pension

% Final Salary

Colorado*

$ 37,500

75

Washington

$ 30,000

60

Missouri*

37,500

75

West Virginia

30,000

60

Nevada*

37,500

75

Maryland

29,800

60

New Mexico

35,250

71

Nebraska

28,500

57

Kentucky*

34,750

70

Mississippi

28,438

57

Alaska*

33,750

68

North Dakota

28,200

56

Illinois*

33,000

66

South Carolina

27,300

55

Ohio*

33,000

66

Delaware

27,000

54

Texas*

33,000

66

North Carolina

27,000

54

Wyoming

32,813

66

Kansas

26,250

53

Arizona

31,500

63

Minnesota*

25,500

51

Rhode Island

31,500

63

Virginia

25,500

51

Alabama

30,188

60

Montana

25,050

50

California*

30,000

60

New Hampshire

25,050

50

Connecticut*

30,000

60

New Jersey

25,050

50

Georgia

30,000

60

Oregon

25,050

50

Idaho

30,000

60

Vermont

25,000

50

Iowa

30,000

60

South Dakota

24,375

49

Louisiana*

30,000

60

Florida

24,000

48

Maine*

30,000

60

Wisconsin

24,000

48

Massachusetts*

30,000

60

Michigan

22,500

45

New York

30,000

60

Tennessee

22,500

45

Oklahoma

30,000

60

Arkansas

19,575

39

Pennsylvania

30,000

60

Hawaii

18,750

38

Utah

30,000

60

Indiana

+16,500