Two years ago my beloved high school English teacher Mrs. O-W posted on social media, after locking up her classroom for the last time, “It was a happy place. I will miss both it and the kids, but NO MORE ESSAYS!” After 32 years of service in public education, Mrs. O-W finally left what she calls “the best job ever” in 2015 with a hard-earned pension from CalSTRS, the California State Teachers Retirement System.

Like Mrs. O-W, most public school teachers working today count on traditional pensions — which guarantee a monthly income based on age, salary and years of service — as the main source of financial security in retirement. Forty percent of teachers nationwide aren’t covered by Social Security; pension plans, in which employer and employee contributions are invested in a pooled, professionally managed fund governed by a board of trustees, provide their only source of guaranteed retirement income.