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Teacher Pensions

Author

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  • Koedel, C.
  • Podgursky, M.

Abstract

Most educators in the United States receive retirement compensation via a subnational defined-benefit pension plan. These plans exert strong “pull†and “push†incentives over the course of the career and concentrate teacher retirements at relatively early ages compared to other professions. They also impose sharp penalties on geographically mobile teachers. Teacher pensions are a large and growing cost of public education. There are several reasons for the rising costs, but the biggest reason is that the unfunded liabilities of most plans are growing. The growth in unfunded liabilities is facilitated by the decoupling of contributions and benefits at the individual level, and represents a shift of wealth from young to older teachers in the United States. In response to fiscal pressures, some states are changing their plans, primarily for new teachers.

Suggested Citation

  • Koedel, C. & Podgursky, M., 2016. "Teacher Pensions," Handbook of the Economics of Education,, Elsevier.
    • Handle: RePEc:eee:educhp:v:5:y:2016:i:c:p:281-303
    DOI: 10.1016/B978-0-444-63459-7.00006-3
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    Citations

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    Cited by:

    1. Robert M. Costrell & Josh McGee, 2019. "Cross-Subsidization of Teacher Pension Costs: The Case of California," Education Finance and Policy, MIT Press, vol. 14(2), pages 327-354, Spring.
    2. Böckerman, Petri & Haapanen, Mika & Jepsen, Christopher, 2019. "Back to school: Labor-market returns to higher vocational schooling," Labour Economics, Elsevier, vol. 61(C).
    3. Fitzpatrick, Maria D., 2019. "Pension reform and return-to-work policies," Journal of Pension Economics and Finance, Cambridge University Press, vol. 18(4), pages 500-514, October.
    4. Ben Backes & Ben Backes & Dan Goldhaberb & Cyrus Grout & Cory Koedel & Shawn Ni & Michael Podgursky & P. Brett Xiang & Zeyu Xu, 2015. "Benefit or Burden? On the Intergenerational Inequity of Teacher Pension Plans," Working Papers 1517, Department of Economics, University of Missouri, revised Apr 2016.
    5. Morrill, Melinda Sandler & Westall, John, 2019. "Social security and retirement timing: evidence from a national sample of teachers," Journal of Pension Economics and Finance, Cambridge University Press, vol. 18(4), pages 549-564, October.
    6. Kim, Dongwoo & Koedel, Cory & Ni, Shawn & Podgursky, Michael, 2017. "Labor market frictions and production efficiency in public schools," Economics of Education Review, Elsevier, vol. 60(C), pages 54-67.
    7. Kim, Dongwoo & Koedel, Cory & Xiang, P. Brett, 2021. "The trade-off between pension costs and salary expenditures in the public sector," Journal of Pension Economics and Finance, Cambridge University Press, vol. 20(1), pages 151-168, January.

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