Eight US public pension systems
Compare US Public Pension Systems
Read the multiplier last, not first
Four things determine what a pension is worth, and the multiplier is only one. The other three are whether you also get Social Security, what the cost-of-living adjustment does over 25 years, and how much of your own salary you hand over to fund it. A plan can look generous on the first and be mediocre once you account for the rest.
Benefit multiplier
| System | Multiplier | Notes |
|---|---|---|
| TRS Texas | 2.3% flat | No age variation |
| CalSTRS 2% at 62 | 1.16% at 55 to 2.40% at 65 | Age factor; 2.00% at age 62 |
| NYSTRS Tier 6 | 1.67% under 20 yrs; 35% at 20; +2.0%/yr after | Step change at 20 years |
| PSERS T-G | 1.25% | Plus a separate DC account |
| STRS Ohio | 2.2% flat | No age variation |
| MSERS | 1.45% to 2.5% | Age factor, varies by group and hire date |
| Florida FRS Regular | 1.60%, stepping to 1.68% | Special Risk is 3.00% |
| FERS | 1.0%, or 1.1% at 62 with 20+ yrs | The 1.1% applies to all years |
Social Security coverage
This is the single most important row in this entire comparison, and the one most often left out of state-to-state arguments.
| System | Social Security? | What that means |
|---|---|---|
| TRS Texas | No | Around 96% of members earn no Social Security for this work |
| CalSTRS | No | Pension is the entire guaranteed income |
| NYSTRS | Not confirmed | NYSTRS does not state this publicly; evidence points to yes — see our NYSTRS page |
| PSERS Pennsylvania | Yes | Dual coverage since 1966 |
| STRS Ohio | No | Medicare only for those hired after March 1986 |
| MSERS | No | Non-covered pension under Chapter 32 |
| Florida FRS | Yes | FRS benefits are not offset by Social Security |
| FERS | Yes | Social Security is an explicit leg of the system |
WEP and GPO are gone
Members of the non-covered systems who earned Social Security from other work, or who qualify for a spousal or survivor benefit, used to have it cut by the Windfall Elimination Provision or the Government Pension Offset. Both were repealed and have not applied to any month since January 2024.
Cost-of-living adjustment
Over a 25-year retirement the COLA provision can matter more than the multiplier. A plan paying 2.3% a year with no inflation protection can end up behind one paying 1.6% with full indexing.
| System | COLA | Guaranteed? |
|---|---|---|
| TRS Texas | None automatic; legislative only | No |
| CalSTRS | 2% simple on the initial benefit, plus SBMA to 85% purchasing power | Yes |
| NYSTRS | 50% of CPI, 1% to 3%, on the first $18,000 only | Yes, but capped at $540/yr |
| PSERS Pennsylvania | None for current members | No |
| STRS Ohio | Board-set; 1.5% FY2026, 1.6% FY2027 | No |
| MSERS | Up to 3% of the first $13,000, approved annually | No, max $390/yr |
| Florida FRS | 3% on pre-July-2011 service only; prorated for mixed service | Partially |
| FERS | Diet COLA, from age 62 | Yes |
Final average salary
Lengthening the averaging period is a benefit cut that never gets called one, because salaries rise over a career and averaging more years always produces a lower number.
| System | Averaging period |
|---|---|
| TRS Texas | 5 highest years, not necessarily consecutive |
| CalSTRS | 36 consecutive months |
| NYSTRS Tier 6 | 3 consecutive school years (reduced from 5 in 2024) |
| PSERS T-G | 5 highest school years |
| STRS Ohio | 5 highest years |
| MSERS | 60 consecutive months post-2012; 36 months before |
| Florida FRS | 8 highest fiscal years post-2011; 5 before |
| FERS | High-3 consecutive years of basic pay |
Vesting and unreduced retirement
| System | Vesting | Unreduced retirement |
|---|---|---|
| TRS Texas | 5 years | Age 65, or age 62 with Rule of 80 |
| CalSTRS | 5 years | Age 62 (2% at 62 tier) |
| NYSTRS Tier 6 | 5 years | Age 63, or age 58 with 30 years (new April 2026) |
| PSERS T-G | 10 years | Age 67, or Rule of 97 with 35+ years |
| STRS Ohio | 5 years | Age 65, or 32 years at any age through May 2035 |
| MSERS | 10 years | Age 67 for Group 1 hired post-2012 |
| Florida FRS | 8 years post-2011 | Age 65, or 33 years at any age |
| FERS | 5 years | Age 62 with 5, age 60 with 20, or MRA with 30 |
What you pay in
| System | Member contribution |
|---|---|
| TRS Texas | 8.25% (plus 0.65% for retiree health) |
| CalSTRS | 10.205% |
| NYSTRS Tier 6 | 3.0% to 6.0%, graded by salary |
| PSERS T-G | 8.25% total (5.50% pension, 2.75% DC) |
| STRS Ohio | 14.0% |
| MSERS | 9%, plus 2% on salary above $30,000 |
| Florida FRS | 3% |
| FERS | 0.8%, 3.1% or 4.4% by hire date |
The spread here is enormous — Ohio members pay more than four times what Florida members pay. That is not unfairness, it is the price of a 2.2% multiplier in a system with no Social Security versus a 1.60% multiplier in one with it.
How to read all of this
- Add Social Security before comparing multipliers. Florida’s 1.60% plus Social Security plus a 3% contribution is a different proposition from Texas’s 2.3% alone at 8.25%.
- Project the COLA over 25 years, not one. At 3% inflation a fixed pension loses about half its purchasing power in 24 years. CalSTRS’s guaranteed 2% simple and FERS’s diet COLA are worth a great deal that never shows up in a multiplier comparison.
- Check the averaging period against your own salary curve. If your pay rose sharply at the end, an 8-year average costs you far more than a 3-year one.
- Look at vesting if you might move. Ten years in PSERS or MSERS is a long commitment compared with five elsewhere, or one year in the Florida Investment Plan.
- Divide the benefit by the contribution. That ratio tells you what you are actually buying, and it varies more than the headline numbers suggest.
Where our figures are approximate
Several plans do not publish their actuarial reduction tables, and two facts could not be confirmed from a primary source at all. Each is flagged on the system’s own page and listed together on the methodology page.
Frequently asked questions
Which US public pension system is the most generous?+
It depends on the career. On the multiplier alone TRS Texas at 2.3% and STRS Ohio at 2.2% lead, but neither includes Social Security and Texas pays no automatic COLA. FERS has the smallest multiplier but combines it with full Social Security and a TSP match worth 5% of pay. Comparing the total package matters more than comparing multipliers.
Why do some teachers not get Social Security?+
In several states public education employees were never brought into the Social Security system, so they pay no Social Security tax on that employment and earn no credit for it. Texas, California, Ohio and Massachusetts are the largest examples among the systems here. Their pensions carry higher multipliers because the pension has to replace everything.
Which system has the best cost-of-living adjustment?+
Among these eight, CalSTRS offers the only guaranteed COLA that is not capped at a low dollar base — 2% simple on the initial benefit plus SBMA purchasing power protection to 85%. FERS pays a diet COLA that tracks inflation closely at low rates. TRS Texas and PSERS Pennsylvania pay no automatic COLA at all to anyone retiring today.
Which system vests fastest?+
Among the pension plans, five years covers TRS Texas, CalSTRS, NYSTRS, STRS Ohio and FERS. PSERS Class T-G and MSERS both require ten. The Florida FRS Investment Plan, which is a defined contribution alternative rather than a pension, vests in one year.
Sources
Every figure on this page comes from one of the following. Where a plan does not publish a number we needed, the page says so rather than guessing.
- Teacher Retirement System of Texas — Texas plan documents
- CalSTRS — California age factors and COLA
- NYSTRS — New York Tier 6 rules and 2026 legislation
- PSERS Pennsylvania — Class T-G structure and contributions
- STRS Ohio — Ohio formula and board COLA decisions
- Massachusetts State Retirement Board — MSERS age factor charts
- MyFRS — Florida Retirement System — Florida percentage values and plan choice
- OPM Retirement Center — FERS computation and eligibility
Keep reading
How pension COLAs work
Simple versus compound, capped bases, and why this row matters most.
Pension vs 401(k)
Comparing defined benefit and defined contribution on the risks each one shifts.
Vesting explained
What happens to your money if you leave before you vest.
Combined income
Add the pieces together for your own situation.
Plan data on this page was last checked against the system’s own published material on September 19, 2026. Retirement systems change their rules; if you spot something out of date, tell us.