State Employee Retirement Benefits

Understand the Foundation of Your State Retirement Plan

Our network of agents and financial advisors study the details of your retirement options within the state pension and benefits system so we can answer your questions, understand your goals, and work with you to create a plan that is tailored for you. State governments provide their employees with some very attractive benefits, but like any benefits program, there can be gaps between what you’ll get when you retire from the government and the income you’ll need to enjoy retirement with the lifestyle you want.  

We believe it’s important to familiarize yourself with the main pieces that serve as the foundation of your retirement income and to understand these potential gaps and how they might be addressed. 

Retirement Options for Teachers & Public Employees

Teachers and public employees dedicate their careers to helping others and our job is to help you plan for a secure retirement. The earlier you plan for retirement, the better. It’s important to know the benefits offered within the school system and what benefits to consider outside of the public school retirement system in order to diversify your portfolio and optimize your benefits. 

Pension Plans

The majority of public school teachers and most public sector employees. In a pension plan, both the employer and the employee contribute to the tax-deferred retirement savings account while you work and you receive a monthly benefit amount when you retire. 

Although the exact contribution formula varies by state and plan, a traditional defined benefit pension plan multiples the employee’s final average salary, the employee’s years of service, and a benefit multiplier to determine the annual benefit amount. 

The longer an employee works for one system, the more the retirement benefit will be. Over half of incoming teachers, however, will contribute to pensions but never qualify to receive the benefit upon retirement.

Learning more about teacher and public employee pension plans, including the fact that social security benefits are not available to teachers in certain states, is crucial to planning for a secure and stable retirement. At My State Pension, a professional will guide you through your options and create a plan tailored for your goals.

403(b) Retirement Plans

Like a pension plan, both the employer and the employee contribute to a 403(b) retirement account. Unlike a pension plan, the employee has access to this money from the beginning no matter how long you teach or where you go during your career. Taxes are paid when the money is withdrawn from the account, and once the money is used, it’s gone. With a pension, on the other hand, the employee is guaranteed a set monthly income for the rest of his/her life. 

There are a variety of investment options available within a 403(b) retirement plan; our network of licensed agents and registered investment advisors at My State Pension will help you determine which complements your goal and lifestyle the best.

How We Help

Reviewing your retirement plan options may be overwhelming, especially if you’re trying to decide which choices will allow you to retire with the most comfort and security. At My State Pension, our network of licensed agents and registered investment advisors will review the options available to you and help you make selections that fit your needs, professional and retirement goals. Reach out to us for a free consultation – we look forward to helping you.

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If you are a K-12 educator or staff, collegiate educator or staff, municipal or state employee we can connect you with a licensed financial professional with the experience needed to help you understand your pension benefits and overall retirement plan.