The California Teachers Retirement System (CalSTRS) is a public retirement system dedicated to providing retirement, disability, and survivor benefits to California’s educators. It is one of the largest pension systems in the United States and serves over 965,000 members.
With a mission to secure the financial future and sustain the trust of California’s educators, CalSTRS manages a diverse investment portfolio that includes stocks, bonds, real estate, and private equity. Its primary goal is to ensure that educators have a stable and reliable income during their retirement years.
Established in 1913, CalSTRS has been a vital resource for educators, offering them peace of mind and financial security. Through its comprehensive retirement system, it provides a range of benefits, including retirement allowances, disability benefits, and survivor benefits to eligible educators and their beneficiaries.
CalSTRS takes pride in being a responsible steward of its members’ contributions. It is committed to sustainable investing practices, focusing on environmental, social, and governance factors. By incorporating these considerations into its investment decisions, CalSTRS aims to generate long-term value while helping to create a more sustainable future for California and its educators.
California Teachers Retirement System
The California Teachers Retirement System is a government-run pension system that provides retirement benefits to teachers in the state of California. It was created to ensure that teachers have a secure and reliable source of income during retirement.
As a retirement system, it is designed to help teachers plan and save for their future. It provides a variety of benefits, including a defined benefit pension plan, disability benefits, and survivor benefits for eligible beneficiaries.
The system is funded by contributions from teachers, school districts, and the state government. These contributions are invested by the system’s board of trustees to generate returns and grow the funds available for future benefits.
Teachers who are part of the California Teachers Retirement System can also participate in additional programs to enhance their retirement savings, such as a voluntary defined contribution plan and a supplemental savings program.
Overall, the California Teachers Retirement System plays a vital role in supporting teachers’ financial security and ensuring that they have a reliable source of income in their retirement years. It recognizes the important contributions that teachers make to society and provides them with the peace of mind they deserve as they transition into retirement.
Overview of California Teachers Retirement System
The California Teachers Retirement System, also known as CalSTRS, is a retirement system specifically designed for teachers in the state of California. It provides pension and other retirement benefits to teachers who have dedicated their careers to educating the youth of California.
CalSTRS was established in 1913 and is one of the largest public pension systems in the United States. Its primary goal is to ensure that California teachers have a secure and reliable source of income in their retirement years.
Teachers who are enrolled in CalSTRS contribute a portion of their salary to the system, which is then invested in a diversified portfolio of assets. These investments are managed by professional investment managers who aim to generate returns and grow the funds available for future pension payments.
Upon reaching retirement age, teachers who have been enrolled in CalSTRS for a certain number of years are eligible to receive monthly retirement benefits. The amount of these benefits is based on factors such as the teacher’s years of service, final compensation, and age at retirement.
CalSTRS also offers additional benefits to its members, such as survivor benefits for spouses or domestic partners, disability benefits for teachers who become disabled before retirement, and health benefits for eligible retirees.
In conclusion, the California Teachers Retirement System plays a crucial role in providing retirement security for teachers in California. It allows them to plan for their future and enjoy a financially stable retirement after years of dedicated service.
What is the California Teachers Retirement System?
The California Teachers Retirement System, also known as CalSTRS, is a public pension fund that provides retirement, disability, and survivor benefits to California’s K-12 public school educators. Established in 1913, it is one of the largest teachers’ retirement systems in the United States.
CalSTRS is responsible for managing the retirement funds of over 960,000 active and retired teachers. Its primary objective is to ensure that eligible teachers and their families are provided with a secure and reliable source of income in retirement.
As a defined benefit plan, CalSTRS provides a guaranteed monthly retirement benefit based on a formula that considers a teacher’s years of service, age at retirement, and final compensation. The system also offers disability and survivor benefits to eligible members.
Benefits of CalSTRS
- Retirement income: CalSTRS offers a monthly retirement benefit that is guaranteed for life, providing financial security after a teacher’s career.
- Disability benefits: In the event of a career-ending disability, CalSTRS provides a disability retirement benefit to eligible members.
- Survivor benefits: CalSTRS offers survivor benefits to eligible beneficiaries, ensuring financial support for a teacher’s loved ones in the event of their death.
- Healthcare benefits: CalSTRS provides access to healthcare benefits for eligible retirees, helping to cover medical expenses in retirement.
- Investment management: CalSTRS manages the pension fund’s investments to generate returns that help to fund the retirement benefits of its members.
Membership and Contributions
Membership in CalSTRS is mandatory for California public school educators, including teachers, administrators, and other educational professionals. Both employees and employers contribute to the fund, with contributions based on a percentage of the member’s salary.
Teachers typically contribute a percentage of their salary throughout their career, while school districts and the state of California also contribute to the fund. These contributions, along with investment returns, are used to finance the retirement benefits provided by CalSTRS.
History of the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) is a pension system that provides retirement benefits to teachers in the state of California. It was established in 1913 and is one of the oldest public pension systems in the United States. Throughout its history, CalSTRS has played a vital role in supporting California’s educational workforce.
Early Years
In its early years, the California Teachers Retirement System faced challenges in ensuring financial stability for its members. The system went through various changes and reforms to improve its funding and benefits structure. By the mid-20th century, CalSTRS had established itself as a reliable retirement system for teachers.
During this period, the system faced increasing demands due to the growth of California’s education system. CalSTRS responded by expanding its services and increasing its investment portfolio to ensure sufficient funds for future retirement benefits.
Growth and Innovation
In the late 20th century and early 21st century, CalSTRS experienced significant growth in its membership and assets. The system adapted to the changing needs of its members, expanding its services to include disability and survivor benefits. CalSTRS also focused on innovative investment strategies to generate higher returns and maintain the financial sustainability of the system.
Throughout its history, CalSTRS has been committed to providing competitive retirement benefits to teachers in California. The system has played a crucial role in attracting and retaining qualified educators, contributing to the quality of education in the state.
In conclusion, the California Teachers Retirement System has a rich history of supporting teachers in the state of California. From its early years of establishing financial stability to its growth and innovation, CalSTRS has remained dedicated to ensuring a secure retirement for educators.
Benefits of the California Teachers Retirement System
The California Teachers Retirement System is a retirement system that provides numerous benefits to teachers in California. This system plays a crucial role in ensuring the financial security and well-being of teachers after they retire.
Here are some of the key benefits of the California Teachers Retirement System:
- Pension Plan: The system offers a defined benefit pension plan, which guarantees a specific monthly benefit for life based on years of service and final compensation. This provides a stable and reliable source of income during retirement.
- Disability Benefits: In case of disability, the system provides disability benefits to eligible teachers, ensuring financial support during times of need.
- Healthcare Benefits: Teachers covered by the system have access to healthcare benefits, including medical, dental, and vision coverage. These benefits help teachers maintain good health and well-being.
- Death and Survivor Benefits: In the unfortunate event of a teacher’s death, the system provides benefits to eligible survivors, including a lump-sum death benefit and ongoing monthly benefits to dependents.
- Cost-of-Living Adjustments: The system provides cost-of-living adjustments to pension benefits to help retirees keep pace with inflation and maintain their standard of living.
- Retirement Planning Resources: The system offers a range of retirement planning resources, including seminars, workshops, and online tools, to help teachers make informed decisions and effectively plan for their retirement.
- Early Retirement Options: The system offers early retirement options for eligible teachers, allowing them to retire before the normal retirement age with reduced benefits, giving teachers additional flexibility in their retirement plans.
These are just some of the benefits provided by the California Teachers Retirement System. Overall, the system strives to support teachers throughout their careers and into retirement, recognizing their invaluable contributions to education in California.
Eligibility for the California Teachers Retirement System
Eligibility for the California Teachers Retirement System (CalSTRS) is determined by several factors, including employment status, age, and years of service as a teacher in California.
In order to be eligible for CalSTRS, an individual must be employed as a teacher in a California public school or community college. This includes both full-time and part-time teachers. Additionally, the individual must be enrolled in the CalSTRS system and contributing to the retirement fund.
There are different eligibility requirements based on the individual’s age and years of service. For example, if a teacher is under the age of 55, they must have at least five years of service credit to be eligible for retirement benefits. If they are between the ages of 55 and 60, they must have at least five years of service credit and be willing to take a reduced benefit payment. Finally, if they are 60 or older, they are eligible for full retirement benefits with no minimum years of service requirement.
It is important to note that eligibility for CalSTRS also depends on the specific retirement plan the individual is enrolled in. There are several different plans available, each with its own eligibility requirements and benefits. Teachers should consult their plan documents or contact CalSTRS directly for more information about their specific eligibility criteria.
Overall, the California Teachers Retirement System provides retirement benefits for eligible teachers in California. By meeting the necessary requirements, teachers can secure a reliable source of income during their retirement years.
Contributions to the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) is a retirement system that provides benefits to California teachers and educators. To ensure the long-term sustainability of the system, contributions are made by both employees and employers.
Employees who are members of CalSTRS are required to contribute a percentage of their salary towards their retirement. The contribution rate is determined by the California State Legislature and may vary depending on various factors such as the member’s age, years of service, and salary.
Employers, including school districts and community colleges, also contribute to the CalSTRS fund. The employer contribution rate is determined by the CalSTRS Board and is based on actuarial calculations that consider factors such as the system’s funding level, investment returns, and projected future benefit payments.
These contributions are important to the sustainability of the CalSTRS system. They help ensure that the retirement benefits earned by California teachers and educators can be funded and paid out in the future. The contributions are invested by CalSTRS in a diverse portfolio of assets that aim to generate returns and grow the fund over time.
| Contributor | Contribution Rate |
|---|---|
| Employees | Varies based on factors such as age, years of service, and salary |
| Employers | Determined by the CalSTRS Board based on actuarial calculations |
In summary, contributions from both employees and employers are essential to the California Teachers Retirement System. These contributions help ensure the long-term sustainability of the system and the payment of retirement benefits to California teachers and educators.
Investment Portfolio of the California Teachers Retirement System
The California Teachers Retirement System manages a diverse investment portfolio to support the retirement needs of teachers in the state. The system takes into account the long-term financial goals of its members and invests in a variety of asset classes to generate income and growth.
Asset Allocation
The investment portfolio of the California Teachers Retirement System is spread across different asset classes, including equities, fixed income, real estate, and alternative investments. The allocation percentages may vary over time based on changing market conditions and investment strategies.
| Asset Class | Allocation Percentage |
|---|---|
| Equities | 50% |
| Fixed Income | 30% |
| Real Estate | 10% |
| Alternative Investments | 10% |
Equities
The California Teachers Retirement System invests 50% of its portfolio in equities, which include stocks of both domestic and international companies. This asset class provides the potential for long-term capital appreciation and dividend income.
Fixed Income
The fixed income portfolio of the system consists of various types of fixed-income securities, such as government bonds, corporate bonds, and municipal bonds. These investments provide a steady stream of income and help diversify the overall portfolio.
Real Estate
Real estate investments are an important part of the California Teachers Retirement System’s portfolio. The system invests in commercial properties, residential properties, and other types of real estate assets to generate rental income and capital appreciation.
Alternative Investments
The California Teachers Retirement System also allocates a portion of its portfolio to alternative investments, which include private equity, hedge funds, and venture capital. These investments offer the potential for higher returns and help further diversify the overall portfolio.
Overall, the investment portfolio of the California Teachers Retirement System is designed to achieve long-term growth and generate income to support the retirement needs of teachers in the state.
Retirement Options within the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) offers several retirement options to educators in the state of California. These options provide teachers with the flexibility to choose the plan that best suits their needs and financial goals.
Defined Benefit Program
The Defined Benefit Program is the core retirement plan offered by CalSTRS. Under this program, members receive a retirement benefit based on a formula that takes into account their years of service, age at retirement, and final compensation. This program provides a guaranteed monthly income for life, regardless of market fluctuations or investment returns.
Cash Balance Benefit Program
The Cash Balance Benefit Program is another retirement option within the CalSTRS system. This program combines the features of a defined benefit plan with those of a defined contribution plan. Members have an individual account that accumulates contributions from both the employee and employer, along with investment earnings. At retirement, the member can choose to receive the balance as a lump sum or as an annuity.
Both the Defined Benefit Program and the Cash Balance Benefit Program offer retirement security to California teachers, ensuring they have a stable income in their golden years. These options allow teachers to plan for their financial future and make informed decisions about their retirement.
- Flexible retirement options
- Guaranteed monthly income
- Individual account with contributions and investment earnings
- Lump sum or annuity payment options
As educators dedicate their careers to shaping the future, the California Teachers Retirement System provides peace of mind and financial stability in retirement.
California Teachers Retirement System Pensions
The California Teachers Retirement System (CalSTRS) is a pension system that provides retirement benefits for teachers working in California. The system is designed to support educators throughout their careers and ensure a secure retirement.
Benefits of the System
CalSTRS offers various benefits to teachers in California. These include:
- Defined Benefit Pension: Teachers receive a pension based on a formula that takes into account their years of service and final compensation. This provides a guaranteed retirement income for life.
- Healthcare Benefits: CalSTRS provides healthcare benefits for retired teachers, ensuring they have access to quality medical care.
Contributions and Funding
California Teachers contribute a percentage of their salary towards their pension, while their employers also contribute. The funds are then invested by CalSTRS to ensure there is enough money to pay future pensions. The system’s funding comes from a combination of member contributions, employer contributions, and investment returns.
CalSTRS manages a large and diverse portfolio of investments, including stocks, bonds, real estate, and private equity. The goal is to generate returns that will fund the pension obligations.
Overall, the California Teachers Retirement System plays a vital role in providing financial security for teachers in California. It ensures that educators have a reliable source of income during their retirement years and helps attract and retain quality teachers in the state.
Health Benefits provided by the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) offers comprehensive health benefits to retired teachers in California. These benefits are designed to ensure that retired educators have access to high-quality healthcare services and financial support for medical expenses.
Medical Coverage
CalSTRS provides retired teachers with medical coverage through various health plans. These plans include a wide range of services, such as doctor visits, hospital stays, prescription drugs, and preventive care. Retirees can choose from different health plan options to meet their specific needs and preferences.
Vision and Dental Coverage
In addition to medical coverage, CalSTRS also offers vision and dental benefits to retired teachers. These benefits include coverage for eye exams, eyeglasses, contact lenses, dental cleanings, and dental procedures. This ensures that retirees can maintain their vision and dental health without incurring significant out-of-pocket expenses.
Financial Assistance
CalSTRS provides financial assistance to help retired teachers cover the cost of their health benefits. This includes contributions towards monthly premiums, deductibles, and co-payments. The amount of financial assistance retirees receive depends on various factors, such as years of service and retirement date.
Moreover, CalSTRS offers a health reimbursement arrangement (HRA) for eligible retirees. This account allows retirees to set aside pre-tax dollars to pay for certain medical expenses not covered by their health plan.
In conclusion, the California Teachers Retirement System ensures that retired teachers have access to comprehensive health benefits. Through medical, vision, and dental coverage, as well as financial assistance programs, retired educators can enjoy peace of mind knowing that their healthcare needs are taken care of.
Disability Benefits within the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) provides disability benefits to teachers within the state. These benefits are designed to assist teachers who become permanently or temporarily disabled and are unable to work.
Types of Disability Benefits
There are two types of disability benefits offered by CalSTRS:
- Industrial Disability Leave (IDL): This benefit is available to teachers who have suffered a job-related injury or illness. It provides a temporary leave with full salary for up to one year.
- Disability Retirement: This benefit is available to teachers who have become permanently disabled and are unable to work. It provides a monthly retirement allowance based on age, service credit, and average monthly salary.
Eligibility Requirements
To qualify for disability benefits within the California Teachers Retirement System, teachers must meet certain eligibility requirements:
- They must be an active member of CalSTRS at the time the disability occurs.
- They must be unable to perform their regular job duties due to a physical or mental disability.
- They must have a disability that is expected to last at least one year or result in death.
- They must have exhausted all other leave options, such as sick leave or personal leave.
It is important for teachers to carefully review the eligibility requirements and documentation needed to qualify for disability benefits within the California Teachers Retirement System. Seeking guidance from CalSTRS representatives can help ensure a smooth application process.
In conclusion, teachers within the California Teachers Retirement System have access to disability benefits in case they become permanently or temporarily disabled. These benefits can provide financial support and assistance during times of illness or injury, allowing teachers to focus on their health and well-being.
Survivor Benefits offered by the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) provides a range of survivor benefits for the beneficiaries of retired teachers. These benefits ensure that the loved ones of retired teachers are taken care of financially after their passing.
One of the survivor benefits offered by CalSTRS is the Basic Option. Under this option, if a retired teacher passes away, their eligible spouse or registered domestic partner will receive a monthly benefit for the rest of their life. This benefit is equal to 60% of the retired teacher’s retirement benefit amount.
In addition to the Basic Option, CalSTRS also offers the Option 2 benefit. With this option, the retired teacher can choose to receive a reduced monthly benefit during their lifetime in order to provide a higher monthly benefit for their eligible spouse or registered domestic partner after their passing. The eligible spouse or partner will receive a benefit equal to 75% of the retired teacher’s benefit amount.
For retired teachers who do not have an eligible spouse or registered domestic partner, CalSTRS also offers a survivor benefit for their dependent children. This benefit provides a monthly payment to eligible dependent children until they turn 18, or until they turn 23 if they are enrolled in an accredited educational institution.
It is worth noting that survivor benefits may vary based on factors such as the retired teacher’s beneficiary designation and the option chosen. It is important for retired teachers to carefully consider their options and plan accordingly to ensure their loved ones are provided for in the event of their passing.
California Teachers Retirement System’s Financial Stability
One of the key aspects to consider when evaluating a retirement system is its financial stability. The California Teachers Retirement System (CalSTRS) is well-known for its strong financial foundations and commitment to providing long-term retirement benefits to teachers across the state.
With over X years of experience, CalSTRS has proven to be a reliable and secure system for teachers to rely on for their retirement needs. The system is funded through a combination of contributions from teachers, school districts, and investment earnings.
Contributions
Teachers who are part of the CalSTRS system contribute a portion of their salary towards their retirement benefits. Additionally, school districts also contribute to the system on behalf of their employees. These contributions, along with investment earnings, ensure the sustainability and financial stability of the system.
Investments
CalSTRS prudently invests the contributions it receives to generate additional income for the system. The system has a diversified investment portfolio, which includes stocks, bonds, real estate, and other assets. This diversification helps to mitigate risks and enhance the overall financial stability of the system.
CalSTRS also follows a long-term investment strategy, focusing on sustainable and responsible investing. This not only helps to ensure the financial stability of the system but also aligns with the values and principles of the teachers it serves.
Overall, the California Teachers Retirement System’s strong financial stability is a testament to its commitment to teachers’ long-term financial security. It provides peace of mind for teachers, knowing that their retirement benefits are well-protected and supported by a reliable and sustainable system.
Current Challenges facing the California Teachers Retirement System
The California Teachers Retirement System (CalSTRS) is facing several significant challenges that impact its ability to provide retirement benefits to teachers in the state.
One of the main challenges is the growing number of retired teachers in California. As the population ages and more teachers reach retirement age, the demand for pension benefits from CalSTRS has increased. This puts a strain on the system’s financial resources and requires careful management to ensure the funds are sustainable in the long term.
Another challenge is the ongoing financial instability of the state. California has faced multiple economic downturns and budget deficits in recent years, which has had a direct impact on CalSTRS. During times of economic uncertainty, the state’s ability to contribute the necessary funds to the retirement system is limited, making it difficult for CalSTRS to fulfill its obligations.
Additionally, the low interest rate environment has also posed challenges for CalSTRS. With interest rates at historic lows, the system’s investments have not generated as much income as anticipated. This has forced CalSTRS to explore new investment strategies and consider alternative asset classes to improve returns and maintain the financial health of the fund.
Furthermore, the increasing life expectancy of retirees presents a challenge for CalSTRS. As retirees live longer, the system must provide pension benefits for a longer period of time, which puts additional strain on its financial resources. CalSTRS must carefully manage its investments and contributions to ensure it can sustainably provide retirement benefits to its members well into the future.
Overall, these challenges highlight the importance of effective management and strategic planning for the California Teachers Retirement System. By addressing these issues and making necessary adjustments, CalSTRS can continue to provide reliable retirement benefits to teachers in the state.
California Teachers Retirement System and Social Security
Teachers in California are part of a retirement system that provides them with financial security in their retirement years. The California Teachers Retirement System (CalSTRS) is a state-funded pension plan that offers benefits to educators throughout the state.
While CalSTRS is a vital resource for teachers’ retirement, it’s important to note that it is separate from Social Security. Unlike workers in other professions, teachers in California do not participate in Social Security. Instead, they rely solely on their CalSTRS benefits for retirement income.
This unique aspect of the California Teachers Retirement System makes it essential for teachers to carefully plan for their retirement. Without Social Security benefits, teachers need to ensure that their CalSTRS benefits will be enough to support them throughout their retirement years.
The Challenges
Not having access to Social Security benefits can pose challenges for teachers in California. Social Security provides a safety net and additional income for retirees in many other professions. Teachers must be proactive in preparing for retirement to make up for the lack of Social Security benefits.
One challenge is ensuring that retirement savings are sufficient enough to cover future expenses. Teachers must carefully consider their financial goals and consult with financial experts to develop a solid retirement plan.
The Importance of CalSTRS
Although teachers in California do not have access to Social Security benefits, their participation in the California Teachers Retirement System is vital for their future financial security. CalSTRS offers a defined benefit plan, which provides teachers with a guaranteed retirement income based on their years of service and final average salary.
By contributing a portion of their salary to CalSTRS throughout their careers, teachers can build a reliable retirement income stream. The system also offers additional benefits such as disability and survivor benefits, ensuring that both current and former teachers are protected.
It is crucial for teachers to be fully aware of how CalSTRS works and the retirement benefits it provides. By understanding the system and planning for their future, teachers in California can enjoy a secure retirement.
In conclusion, teachers in California are not eligible for Social Security benefits and rely solely on the California Teachers Retirement System for their retirement income. It is essential for teachers to carefully plan and understand the benefits provided by CalSTRS to ensure a financially secure retirement.
How to Contact the California Teachers Retirement System
If you have any questions or need assistance regarding the California Teachers Retirement System, there are several ways to get in touch with them. Here are a few options you can consider:
Phone
One of the easiest ways to contact the California Teachers Retirement System is by phone. You can reach their customer service hotline at (555) 123-4567. The hotline operates Monday through Friday from 8:00 am to 5:00 pm Pacific Time. Their friendly and knowledgeable staff will be happy to assist you with any inquiries you may have regarding your retirement benefits.
If you prefer to communicate electronically, you can email the California Teachers Retirement System at [email protected]. Simply provide your contact information and a detailed message explaining your query, and their team will get back to you as soon as possible.
It is important to note that email communication may not be as prompt as calling their hotline, so if your inquiry is urgent, it is recommended to contact them by phone instead.
If you wish to send a physical letter or document to the California Teachers Retirement System, you can do so by sending it to the following address:
California Teachers Retirement System
123 Retirement Way
Sacramento, CA 12345
United States
Make sure to include your contact details and clearly describe the purpose of your correspondence to ensure a timely and accurate response.
Regardless of the method you choose, the California Teachers Retirement System strives to provide excellent customer service and ensure that all your retirement-related queries are addressed effectively.
Q&A:
What is the California Teachers Retirement System?
The California Teachers Retirement System (CalSTRS) is a public pension fund that provides retirement, disability, and survivor benefits for California’s public school educators.
Who is eligible to participate in CalSTRS?
All full-time and part-time California public school teachers, administrators, and other educational personnel, including certain private school employees, are eligible to participate in CalSTRS.
How is CalSTRS funded?
CalSTRS is funded through a combination of member contributions, employer contributions, and investment returns. Teachers contribute a percentage of their salary, while employers (school districts and the state) also contribute a portion.
What benefits does CalSTRS offer?
CalSTRS offers a range of benefits, including retirement pensions, disability benefits, survivor benefits for spouses and dependents, and health benefits for eligible retirees. The specific benefits vary depending on the member’s years of service and other factors.
How can I apply for CalSTRS benefits?
To apply for CalSTRS benefits, you need to submit an application form to CalSTRS along with the required supporting documents, such as proof of age, employment records, and marriage or domestic partnership information if applicable. You can find the application form and detailed instructions on the CalSTRS website.
What is the California Teachers Retirement System (CalSTRS) and what is its purpose?
The California Teachers Retirement System (CalSTRS) is a public pension fund that provides retirement and related benefits for California’s public school educators. Its purpose is to ensure that eligible teachers and educators have a secure retirement income.