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.
Learn more about Financial PlanningRelated Questions
-
Q:
How do you check the status of your 401k online?
A: Customers can check the status of their 401(k) retirement savings accounts by identifying their plan administrator, creating an online account and logging ... Full Answer >Filed Under: -
Q:
How do you manage a Fidelity 401K rollover to an IRA?
A: A Fidelity 401K rollover to an IRA allows individuals to maintain the tax-deferred status of their retirement plans while consolidating their retirement as... Full Answer >Filed Under: -
Q:
What is Mercer Investment's 401k plan?
A: Mercer maintains its investment 401(k) by managing defined benefit plan risks, generating high-performance defined contribution plans and preparing clients... Full Answer >Filed Under: -
Q:
What are some benefits of a defined contribution plan?
A: The benefits of a defined contribution plan include having control over the plan, the ability to transfer funds, access to equal benefits and possibly havi... Full Answer >Filed Under:
