News reports say public pensions pay outrageous retirement benefits. Are CalSTRS retirees receiving shockingly high pensions?
The fact is, California’s educators work long careers at modest salaries. The CalSTRS retirement average is a pension of $37,968 after more than 26 years of service at nearly 61 years of age.
Only 3,090 of more than 200,000 CalSTRS retirees’ pensions exceed $100,000. That translates to about only 1.5 percent of members!
We recognize our retired members have dedicated their careers to benefit California students and our state’s education system and have fully earned the pensions they receive.
Unfortunately, when there’s bad press about one public pension, others, including ours, can come into question as well. CalSTRS is committed to setting the record straight about our members and the retirement they have earned through the CalSTRS Defined Benefit Program. For more details, read my recent blog.