Pensions have been at the forefront of recent debates over teacher pay, but the issues are complicated and political. As such, this document is an attempt to inform readers about how pension plans work for the 90 percent of public school teachers enrolled in them. Using objective data and analysis, we explain how teachers earn benefits in those plans, and how the plans interact with other goals in our education system, including attracting and retaining high-quality teachers and providing equitable resources to disadvantaged students. While there are no one-size-fits-all solutions, this document concludes with ideas on ways states could redesign their retirement systems to better meet the needs of teachers and the general public. As a disclaimer, this report focuses on questions affecting public policy choices. Teachers should consult a qualified financial professional before making any consequential financial decisions.