§ 32321 Retirement Annuity Contribution Rates

• •This law is about how much money people need to save for their retirement.
• •The goal is to have enough saved so that when they retire, they get half of their final salary every year as retirement pay.
• •The exact amount they need to save is calculated using special tables made by the board.

Imagine a teacher who earns $60,000 a year when they retire.

According to this law, the teacher should get $30,000 every year as retirement pay (which is half of $60,000). The money they saved while working, along with the rules in the special tables, helps decide how much they get.