Which state has the best teacher retirement plan?
Quick Answer
As of 2012, New York is the state with the best teacher retirement plan, according to Chief Investment Officer magazine, with a funded status of 100.3 percent. However, the same report ranked the District of Columbia as the absolute best with a funded status of 101.9 percent.
Continue ReadingFull Answer
The type of retirement plan is sometimes more important than the funded status percentage. Alaska is the only state with a teacher retirement plan comparable to a 401(k), which means it is fully portable with defined contributions. Florida, Michigan, Ohio and South Carolina also offer defined-contribution retirement plans to teachers.
Mississippi is the worst state for teacher retirement plans due to the inability to transfer the defined-benefit pension from one district to another, states Forbes. Teachers in Mississippi must pay in 9 percent of their salary to the defined-benefit plan, but cannot vest until 8 years with the district.
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