Teachers, higher education administrators and financial planners are well acquainted with the work of TIAA-CREF. The insurance and investment company has been a central player in teacher retirement and financial planning for nearly a century. Twelve years ago, the organization spawned the TIAA-CREF Institute, a research-focused arm that brings…

Teacher benefits, once a sleepy question primarily of interest to actuaries, have become a flash point in the education debate. With individual states on the hook for tens or hundreds of millions in unfunded pension and health insurance obligations, state leaders are trying to determine the severity of the situation and the appropriate response.…

Over the past few years, as cash-strapped states and school districts have faced tough budget decisions, spending on teacher compensation has come under the microscope. The underlying question is whether, when you take everything into account, today's teachers are fairly paid, underpaid, or overpaid. In this forum, two pairs of respected…

Since 1935, Social Security has provided a vital safety net for millions of Americans who cannot work because of age or disability. This safety net has been especially critical for Americans of Latino decent, who number more than 50 million or nearly one out of every six Americans. Social Security is critical to Latinos because it is much more…

This article is a revised and abbreviated version of a session that the authors presented at the 25th annual Lilly Conference on College Teaching, November 19, 2005, in Oxford, Ohio. It arose from their joint conviction that while teaching is the greatest job in the world, teachers do not need to stay in it until death do them part. Beidler and…

When he was still President Obama's chief of staff, Rahm Emanuel, now mayor-elect of Chicago, famously quipped: "Never allow a crisis to go to waste." Republican governors in Wisconsin, New Jersey, Ohio, and other states have certainly taken that advice to heart. By emphasizing, and in some cases manipulating, the red ink flowing through…

In 2002, during yet another budget crisis produced in large measure by the state's tax-cutting mania, Massachusetts proposed a massive cut in the university's budget. Through an early retirement incentive, the state wanted to reduce the faculty by 10 percent. No one was prepared to fight back. Despite UMass Amherst's long history of activism, and…

The tension at the heart of pension politics is the incentive to satisfy today's claimants in the here-and-now at the expense of long-term concerns. Rules and auditing standards are intended to tame this kind of short-sighted behavior in the private sector. In the public sector, the primary safeguard is the hope that public officials will not be…

The vast majority of public employees--including teachers--are enrolled in defined-benefit pension plans. These plans are usually the product of state legislation that determines eligibility, benefit formulas, employer and employee contributions, and how payments will be calculated when an employee retires or leaves the system. Once an employee…

Given the right incentives, many college faculty will retire early. With mandatory retirement of tenured faculty soon to be abolished, institutions may need to revamp their pension plans and introduce voluntary retirement-incentive options. These options include phased- and full-retirement programs. (Author/MSE)

The chief executive officer of the Teachers' Insurance and Annuities Fund-College Retirement Equities Fund (TIAA-CREF) discusses the current widespread concern over retirement issues in general and the ending of mandatory retirement ages for college faculty. Changes in TIAA-CREF policies and practices affecting range and coverage of retirement…

School business officials should attend workshops and seminars to help them plan for retirement. When approaching retirement, SBOs should invest for low-risk growth, determine retirement goals, match insurance with needs, and decide when to stop full-time work. Retirees should invest for growth and income, withdraw assets at the right time, and…

In this paper the authors examine how the structures of earnings, Social Security, and pension benefits affect retirement behavior. They use an intertemporal model of labor supply, paying special attention to the institutional features of private pensions and Social Security benefits. (Author/SSH)

Highlights the issue of states dipping into public employee pension funds and the long-term problems this may generate. (MLF)

Recent studies of retirement have recognized the importance of pension plans and social security on the retirement decisions. A pension system that is neutral with respect to the timing of benefits encourages or discourages the acceptance of these benefits and subsequent job separation at any particular age only to the extent that any asset…