EdStat: 93 Percent of Charters Opting Out of State Pension Plans Offer an Alternative
When charter schools opt out of state retirement plans, they usually offer their teachers an alternative. Around 68 percent of charters offer a 401(k) and 25 percent offer a 403(b) plan. In states like California and Louisiana, charter teachers not in the state pension plan also receive Social Security coverage. Because current teacher pension plans are neither improving the workforce nor providing teachers with adequate retirement savings, charters are poised to lead by example and share new retirement solutions with the broader public-school community.