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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.
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
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 counts Detroit Public Schools as the only school district classified as a "first class school district". Circa 2002, due to the state government giving control of the district to the municipal government, the U.S. Census Bureau counted the Detroit district as a dependent school system, though the Census Bureau stated that it was an ...
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Mississippi is the state where $100,000 lasts the longest in retirement according to GoBankingRates. See where your state ranks. Map: Where $100,000 in retirement savings will last the longest [Video]
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