Thursday, October 28, 2010

Pension Myth Buster-"Teachers Retire Too Early with Extravagant Pension Benefits"‏

This was sent to me by our CTA state representative:

CalSTRS has approximately 850,000 members.

71% of the CalSTRS members are women.

2009 data from CalSTRS currently reports 224,000 benefit recipients.

Only 1.8% or 3,800 CalSTRS benefit recipients receive a pension of $100,000 or more, known as the "$100,000 Club"
*These are usually administrators and superintendents.
*These recipients have worked an average of 38 years.
*Average salary at time of retirement was $125,000.

Realities of everyday retirees(non administrative):

-Average age of reitree is 71.
-Average retiree receives a pension of about $3,100.
-Life expectancy of retiree is 18 years beyond retirement.
-He or she retires at age 61 after 28 years in the system.
-Retirees receive 62% replacemtn of pre-retirement income.
-Retirees do not receive Social Security.
-60% of all retirees receive no financial support for health care after age 65.

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