Pensions rise $360 per year

Public employee pensions in Massachusetts increase by a maximum of 3 percent on the first $12,000 of a retirement allowance each year. That’s $360 per year.

Factoids

The average municipal retiree on the South Shore’s annual pension in 2008 was between $19,000 and $21,500. The average accidental disability retiree on the South Shore’s annual pension in 2009 was about $31,500.

Private sector numbers

Private sector employees contribute 6.2 percent of their gross pay to Social Security and their employers contribute another 6.2 percent. Self-employed workers contribute 12.4 percent.

$13,500 on Social Security

The average annual benefit to people collecting disability through Social Security was about $13,500 in 2008.

319 teachers

As of May, 319 of the 52,508 retired teachers statewide were on accidental disability, or 0.6 percent.

Average pensions

The average state retiree’s annual pension was $23,014 in January 2008.

401(k) matching drops

The number of private employers who match their employees’ contributions to 401(k) plans is shrinking. Those that still do typically contribute 50 cents for each dollar contributed up to the first 6 percent of an employee’s pay.

Workers pay 9% on average

The average state worker pays 9 percent of his or her salary and the state kicks in more than $1 billion per year to pay for about 12 percent of public employee retirement benefits. The remainder is paid for with pension fund returns.

10 of 39 in Quincy

In Quincy, from June 2003 through June 2008, the rate for police was 26 percent – 10 out of 39 officers retired on accidental disability.

Private sector funds Social Security

Most private sector employees – about 55 million nationwide – rely on defined contribution retirement plans, in which they are responsible for managing their money and there is no guaranteed benefit, to supplement Social Security.

Pensions rise $360 per year

Public employee pensions in Massachusetts increase by a maximum of 3 percent on the first $12,000 of a retirement allowance each year. That’s $360 per year.