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Teachers’ Knowledge About And Preparedness For Retirement: Results From A Nationally Representative Teacher Survey, Dillon Fuchsman, Josh B. Mcgee, Gema Zamarro
Teachers’ Knowledge About And Preparedness For Retirement: Results From A Nationally Representative Teacher Survey, Dillon Fuchsman, Josh B. Mcgee, Gema Zamarro
Education Reform Faculty and Graduate Students Publications
Adequately saving for retirement requires both planning and knowledge about available retirement savings options. Teachers participate in a complex set of different plan designs and benefit tiers, and many do not participate in Social Security. While teachers represent a large part of the public workforce, relatively little is known regarding their knowledge about and preparation for retirement. We administered a survey to a nationally representative sample of teachers through RAND’s American Teacher Panel and asked teachers about their retirement planning and their employer-sponsored retirement plans. We find that while most teachers are taking steps to prepare for retirement, many teachers …
Teachers' Willingness To Pay For Retirement Benefits: A National Stated Preferences Experiment, Dillon Fuchsman, Josh B. Mcgee, Gema Zamarro
Teachers' Willingness To Pay For Retirement Benefits: A National Stated Preferences Experiment, Dillon Fuchsman, Josh B. Mcgee, Gema Zamarro
Education Reform Faculty and Graduate Students Publications
Many states have recently made or are considering changes to their teacher retirement systems. However, little is known about how teachers value various elements of their retirement benefits versus other aspects of their jobs and compensation. To help alleviate this gap, we use a discrete choice stated preferences experiment embedded in a nationally representative survey of teachers to estimate their willingness-to-pay for various retirement plan characteristics and other non-salary job components. We find that teachers would be indifferent between a traditional pension and alternative retirement plan designs if the alternatives were paired with 2 to 3 percent salary increases. Our …
Cross-Subsidization Of Teacher Pension Normal Cost: The Case Of Calstrs, Robert M. Costrell, Josh B. Mcgee
Cross-Subsidization Of Teacher Pension Normal Cost: The Case Of Calstrs, Robert M. Costrell, Josh B. Mcgee
Education Reform Faculty and Graduate Students Publications
Under traditional defined benefit pension plans, annual contributions are set at a uniform percentage of pay to fund accruing benefits. That normal cost rate masks wide variation in the cost of individual benefits, generating an extensive and non-transparent pattern of cross-subsidization. We provide a comprehensive analysis of cross-subsidies in employer contributions across all entry and exit ages. The gains and losses of winners and losers must add up to zero, and we explain why they do not in some previous work, which claims that nearly all teachers are winners in the California Teachers Retirement System. To the contrary, we find …
Examining Inequities In Teacher Pension Benefits, James V. Shuls
Examining Inequities In Teacher Pension Benefits, James V. Shuls
Education Reform Faculty and Graduate Students Publications
From funding to teacher quality, inequities exist between school districts. This paper adds to the literature on inequities by examining the impact of pension plan formulas on pension benefits. Using data from the salary schedules of 464 Missouri school districts, this paper analyzes how various final average salary calculations would impact the benefits of teachers in different districts. All of the schools in this analysis belong to Missouri’s Public Employee Retirement System, which is a defined-benefit pension plan. A teacher’s benefit in this plan is based on her years of experience and her final average salary. The system uses a …