Salary and Pay Rates

How much pension money do teachers get every month?


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2009-08-08 20:41:59
2009-08-08 20:41:59

That is based on The state, the local school board and the teachers salary, so the question is hard to answer without specifics..

As the above answer indicated, each state and local is different. A general rule of thumb is that they take the amount of years worked (say 30), multiply it by a set multiplier (usually between 1.5 and 2.5 depending on the state or local) and that becomes a percentage of the average of your last three years income that you will receive. Example: You retire after 30 years making $100,000 as your final salary. The state you are in uses 2.0 as a multiplier. So 30 X 2.0 = 60. So your yearly pension would be $60,000. Some state give a cost of living adjustment every year, others do not. Most (all?) states penalize you a bit if you retire early (say at age 57 instead of 62), but that gives you a ballpark figure/idea.


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