Nino Abashidze

We estimate that, between 2000 and 2020, the average initial monthly retirement benefit for teachers retiring with 30 years of service has been reduced by 11.2%, though the decline in benefits varies substantially across the states (the median reduction in the initial benefit was 1.9%). We also find that plans covering only teachers, and plans in which teachers are not in Social Security, have made smaller reductions in the generosity of their pension benefits.