If a rational system of teacher compensation, aimed at recruiting and retaining high-quality teachers, were designed from scratch, it is unlikely it would bear any resemblance to the system that is currently in place. In this paper, the author takes a deep look into how the method of paying teachers evolved. He shows that compensation systems have…

Defined Benefit pension plans often generate odd time patterns of benefits. One typical pattern exhibits low accrual in early years, accelerating in mid-late years, followed by dramatic decline, or even negative returns in years that are relatively young for retirement. We consider four states for specific analysis: Arkansas, Missouri, California…