Dividing the total annual payout by the number of retirees in 154 public plans as reported on their latest valuation reports puts these states in the top ten for average pension:
Which led me to wonder what the pension benefits for a union representing these employees looks like. As it turns out the average payout for a retiree in the New Jersey Education Association (NJEA) Retirement Plan is $51,305 ($13,647,219 for 266 retirees) which would top the list.
But what about only teacher plans? Many are consolidated with the main retirement system but there were 26 plans in our survey that indicated clearly that they were Teacher plans. Here is the summary of all the data on those plans and the state with the highest average Teacher pension (though not higher than the NJEA’s DB Plan) is…..