The California State Teachers' Retirement System (CalSTRS) has been grossly underfunded for the past decade. State policymakers have responded by cutting plan benefits for new hires and raising teachers' required plan contributions. These changes, however, have undermined teachers' retirement income security. Only 35 percent of new hires will receive pensions worth more than the value of their required plan contributions. Most new hires would have better financial outcomes if they could opt out of the mandatory retirement plan and invest their contributions elsewhere. Additional plan reforms should focus on changing the benefit formula to distribute pensions more equitably across the workforce. To inform the continuing teacher pension reform debate in California, this report evaluates the retirement benefits paid to public school teachers in the state. The report projects annual and lifetime pension benefits for newly hired teachers, assuming they earn average salaries over their careers and leave public employment at the rates estimated by the plan actuaries.