Challenging the claims of pension boards and other groups about the cost-effectiveness, fairness and flexibility of the traditional defined benefit pension plans still in place in 38 states, this report includes a report card on each of the 50 states and the District of Columbia, with a detailed analysis of state teacher pension policies, and grades the states on the extent to which they: (1) Offer teachers the option of a flexible and portable primary pension plan, such as a defined contribution (DC) plan; (2) Ensure that traditional defined benefit (DB) pension plans are portable, flexible, and fair for all teachers; (3) At a minimum, ensure some basic principles of fairness in traditional systems; (4) Shore up pension funding for existing commitments; and (5) Require that pension systems smoothly accrue pension wealth with each year of work. The following are appended: (1) Overview of state teacher pension systems; (2) State retirement eligibility rules; (3) State teacher pension unfunded liabilities, per pupil; (4) Unfunded pension liabilities by state (2014); and (5) State policies on teacher purchase of time.