Adequacy of State Employee Retirement Benefits

Adequacy of State Employee Retirement Benefits

Public pension benefits:

Amount[1] average full-career state government retiree gets per year,

not including social security:                                                 $34,308[2]

National average[3] social security benefit:                             $14,800 a year[4]

Add retirement benefit and social security benefit:              $49,108

Incomes of Montanans:

Montana median wage: $14.79                                               $29,580 a year

Montana average weekly wage[5] 2013: $705.                        $35,250[6]

Montana per capita income 2012:                                         $37,300[7]

Montana median household income:                                                 $43,226[8]

[1] MPERA CAFR page 281 http://mpera.mt.gov/docs/2012CAFR.pdf

[2] AEI: Not So Modest: Pension Benefits for Full-Career State Government Employees. Andrew Biggs

[3] Social security benefit for someone who worked all their adult life and retired at 65: 41%[3] of past earnings. For teachers that would be $20-24,000 a year

[4] http://www.cbpp.org/cms/?fa=view&id=3261

[5] http://www.bls.gov/news.release/cewqtr.t03.htm

[6] for 50 weeks, 2.7% more than government retirees receive

[7] http://bber.unm.edu/econ/us-pci.htm

[8] http://www.census.gov/hhes/www/income/data/statemedian/

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