Education Next – Chris Adelman
“The bottom line (in red) represents the pension plan offered to Missouri teachers in 1975. It was a fairly standard pension plan. Teachers did not qualify for any pension at all in their early years before “vesting” at five years, earned a relatively small pension for the next 10-15 years, and then accelerated toward a much higher peak at the back-end of their career. Back in 1975, that peak was at age 60 (it had been age 65 in 1967).” (more)