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The Michigan Public School Employees' Retirement System (MPSERS) collects and compiles employee wage, contribution, and service information from approximately 549 K-12 districts, 46 public school academy/charter schools, 7 universities, 28 community colleges, 55 intermediate school districts, and 10 libraries.
Assumed Rate of Return FYE 2016 1 ... Michigan Retirement: $75,550 $67,496 61.4% ... Pennsylvania Public Schools: $52,891 $52,891 81.2% 7.5% 23
In another study, Equable Institute found that the total lifetime value of teacher pension benefits have declined by $100,000 on average (13%) since 2005. A teacher hired for the 2005 school year can expect to earn $768,000 in retirement benefits, where as a teacher hired for the 2023 school year can expect to earn $668,000. [19
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The average 401(k) contribution rate in 2023 was 7.4%, according to recent data from Vanguard. But while saving 7.4% of your pay is far better than saving nothing, that contribution rate may not ...
Michigan — 19 years, 0 months, 4 days West Virginia — 20 years, 3 months, 19 days The good news is you can keep your money working in retirement via investments.
But if housing prices remain high (regardless of who wins the election), retirees who own property also could face higher property taxes or homeowners insurance rates.
The Office of Retirement Services (ORS) administers defined benefit, defined contribution, hybrid, and deferred compensation retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. Plans for over 550,000 public servants and their families, representing 1 in 9 Michigan households.
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