Clear Money Guide
What this guide covers
A quick view of the questions and evidence developed below.
Comparison tables scroll horizontally on smaller screens.
Updated August 3, 2026. Quick answer: Whether your public pension keeps pace with inflation is not a detail — it is the single biggest difference between these systems, and it is decided before you retire. Some grant a cost-of-living adjustment automatically. Others grant one only if the legislature votes for it, which means some years there is none at all.
More on public pension systems, topic by topic: Massachusetts retirement late entry and make-up payments, Massachusetts retirement repaying withdrawn deductions and Massachusetts teacher out-of-state service credit.
More on public pension systems, topic by topic: Kansas KPERS partial lump-sum option, Kansas KPERS QDRO payments and Kansas KPERS return to work after retirement.
More on public pension systems, topic by topic: Delaware SEPP early retirement, South Carolina PORS purchasing service credit and South Carolina PORS disability retirement.
More on public pension systems, topic by topic: Illinois SURS employment after retirement, Illinois SURS Disability Retirement Annuity and Illinois SURS service credit.
More on public pension systems, topic by topic: Arkansas ATRS T-DROP, Arkansas ATRS divorce and QDRO and Arkansas ATRS purchasing service credit.
More on public pension systems, topic by topic: Ohio SERS disability benefits, Ohio SERS purchasable service credit and Ohio SERS divorce and support orders.
More on public pension systems, topic by topic: North Carolina LGERS working after retirement, North Carolina LGERS retirement allowance increases and North Carolina LGERS service credit.
More on public pension systems, topic by topic: Maine PERS service credit purchase, Maine PERS COLA and Maine PERS working after retirement.
More on public pension systems, topic by topic: Nevada PERS service credit purchase, Nevada PERS working after retirement and Nevada PERS disability retirement.
More on public pension systems, topic by topic: LACERS service credit purchases, LACERS early service retirement and LACERS disability retirement.
More on public pension systems, topic by topic: Montana PERS early retirement, Montana PERS disability retirement and Montana PERS GABA.
More on public pension systems, topic by topic: NHRS divorce and QDRO, NHRS ordinary disability retirement and NHRS purchasing service credit.
More on public pension systems, topic by topic: PA SERS domestic relations orders, PA SERS disability retirement and PA SERS purchasing service.
More on public pension systems, topic by topic: Michigan MPSERS post-retirement increases, Michigan MPSERS working after retirement and Michigan MPSERS disability retirement.
More on public pension systems, topic by topic: NJ PFRS ordinary disability, NJ PFRS service credit purchase and NJ PFRS divorce court orders.
More on public pension systems, topic by topic: Indiana 1977 Fund disability retirement, Indiana 1977 Fund COLA and Louisiana Sheriffs Back-DROP.
More on public pension systems, topic by topic: Mississippi PERS COLA, Mississippi PERS disability retirement and Illinois SERS returning to work.
Nine more statewide systems, in Louisiana, Missouri, Arkansas, Arizona, Oklahoma, Washington DC, Iowa and Kentucky: Louisiana LSERS retirement decisions, Missouri MPERS retirement decisions, Arkansas LOPFI retirement decisions, Arizona CORP retirement decisions, Oklahoma OPPRS retirement decisions, DC police and firefighters retirement decisions, Iowa MFPRSI retirement decisions, Oklahoma OLERS retirement decisions and Kentucky SPRS retirement decisions.
Nine more statewide systems, in Kentucky, South Dakota, Louisiana, South Carolina, Indiana, North Dakota and Oklahoma: Kentucky CERS retirement decisions, South Dakota SDRS retirement decisions, Louisiana LASERS retirement decisions, South Carolina PORS retirement decisions, Indiana 1977 Fund retirement decisions, Louisiana Sheriffs’ Pension retirement decisions, Louisiana Parochial Employees’ Retirement decisions, North Dakota TFFR retirement decisions and Oklahoma Firefighters Pension retirement decisions.
Five more systems, in New York City teachers, Michigan municipal employees, Colorado fire and police, Connecticut municipal employees and Georgia school employees: NYC TRS retirement decisions, Michigan MERS retirement decisions, Colorado FPPA retirement decisions, Connecticut MERS retirement decisions and Georgia PSERS retirement decisions.
Three more Massachusetts systems, in Norfolk County, Bristol County and Cambridge: Norfolk County Retirement System decisions, Bristol County Retirement System decisions and Cambridge Retirement System decisions.
Five more systems, in Ohio Highway Patrol, Maryland law enforcement, Middlesex County, Worcester Regional and Louisiana firefighters: Ohio Highway Patrol Retirement System decisions, Maryland LEOPS retirement decisions, Middlesex County Retirement System decisions, Worcester Regional Retirement System decisions and Louisiana Firefighters Retirement System decisions.
Six more systems, in Minnesota police and fire, Washington LEOFF, Louisiana municipal police, San Antonio fire and police, Austin police and Pennsylvania municipal employees: Minnesota PERA Police and Fire retirement decisions, Washington LEOFF retirement decisions, Louisiana MPERS retirement decisions, San Antonio Fire and Police pension decisions, Austin Police Retirement System decisions and Pennsylvania PMRS retirement decisions.
Five more systems, in Los Angeles fire and police, Houston firefighters, Kansas City schools, Tampa fire and police and Atlanta firefighters: LAFPP retirement decisions, Houston firefighters retirement decisions, Kansas City school retirement decisions, Tampa fire and police pension decisions and Atlanta firefighters pension decisions.
Five more systems, in Portland, Wichita, Detroit police and fire, Baltimore fire and police and Jacksonville police and fire: Portland FPDR retirement decisions, Wichita Employees’ Retirement System decisions, Detroit police and fire retirement decisions, Baltimore fire and police retirement decisions and Jacksonville police and fire pension decisions.
Six more systems, in Cincinnati, St. Louis, Kansas City, Nashville, Memphis and Montgomery County, Maryland: Cincinnati Retirement System decisions, St. Louis Employees Retirement System decisions, Kansas City employees retirement decisions, Metro Nashville pension decisions, Memphis city retirement decisions and Montgomery County Maryland retirement decisions.
Seven more systems, in Oklahoma City, Tampa and five California counties (Tulare, Stanislaus, San Joaquin, Santa Barbara, Imperial): Oklahoma City ERS retirement decisions, Tampa general employees retirement decisions, Tulare County TCERA retirement decisions, StanCERA retirement decisions, SJCERA retirement decisions, SBCERS retirement decisions and Imperial County retirement decisions.
Eight more systems, in Chicago (police, firefighters, laborers), Fort Worth, Atlanta, Jacksonville, Miami and Sonoma County: Chicago police PABF retirement decisions, Chicago firefighters FABF retirement decisions, Chicago Laborers’ Fund retirement decisions, Fort Worth ERF retirement decisions, Atlanta general employees pension decisions, Jacksonville general employees pension decisions, Miami FIPO retirement decisions and Sonoma County SCERA retirement decisions.
Seven more systems, in San Francisco, Chicago teachers, Milwaukee, Fairfax County, Ventura County, Kern County and Boston: San Francisco SFERS retirement decisions, Chicago teachers CTPF retirement decisions, Milwaukee ERS retirement decisions, Fairfax County ERS retirement decisions, VCERA retirement decisions, KCERA retirement decisions and Boston Retirement System decisions.
Eight more systems, in Houston, Philadelphia, Detroit, Baltimore, Sacramento, Contra Costa, Fresno and San Mateo counties: Houston HPOPS retirement decisions, Philadelphia pension retirement decisions, Detroit GRS retirement decisions, Baltimore ERS retirement decisions, Sacramento SCERS retirement decisions, CCCERA retirement decisions, FCERA retirement decisions and SamCERA retirement decisions.
Seven more systems, in Phoenix, Austin, Dallas, Chicago, San Bernardino and Alameda County: Phoenix COPERS retirement decisions, Austin COAERS retirement decisions, Dallas ERF retirement decisions, Dallas DPFP retirement decisions, Chicago MEABF retirement decisions, SBCERA retirement decisions and ACERA retirement decisions.
Five more systems, in San Diego, Denver, Seattle and Houston: SDCERS retirement decisions, SDCERA retirement decisions, Denver DERP retirement decisions, Seattle SCERS retirement decisions and Houston HMEPS retirement decisions.
Estimate a Wisconsin Retirement System benefit from age, service and final average earnings: WRS retirement calculator.
Estimate a CalSTRS benefit from age, service credit and final compensation: CalSTRS retirement calculator.
Estimate a PSERS annuity from class, service and final average salary: PSERS retirement calculator.
Put your own numbers through the CalPERS formula: CalPERS retirement calculator.
Five more systems, in Mississippi, Ohio, Wyoming, Illinois and Nebraska: Mississippi PERS retirement decisions, Ohio Police & Fire retirement decisions, Wyoming Retirement System decisions, Illinois SERS retirement decisions and Nebraska NPERS retirement decisions.
Four more systems, in Montana, Delaware, Vermont and New Jersey: Montana TRS retirement decisions, Delaware state pension retirement decisions, Vermont VSERS and VSTRS retirement decisions and New Jersey PFRS retirement decisions.
Five more systems, in Hawaii, Michigan, Rhode Island, Massachusetts and North Carolina: Hawaii ERS retirement decisions, Michigan MPSERS retirement decisions, Rhode Island ERSRI retirement decisions, Massachusetts state retirement decisions and North Carolina LGERS retirement decisions.
Five more systems, in West Virginia, Alaska, North Dakota, Montana and Maine: West Virginia PERS and TRS retirement decisions, Alaska PERS and TRS retirement decisions, NDPERS retirement decisions, Montana PERS retirement decisions and MainePERS retirement decisions.
Five more systems, in Missouri, Ohio, California and New Hampshire: Missouri LAGERS retirement decisions, SERS of Ohio retirement decisions, OCERS retirement decisions, LACERS retirement decisions and NHRS retirement decisions.
Five more systems, in Idaho, Illinois, Arkansas, Georgia and Arizona: PERSI retirement decisions, SURS retirement decisions, Arkansas ATRS retirement decisions, ERS Georgia retirement decisions and PSPRS retirement decisions.
Five more systems, in Kansas, Minnesota, Utah, California and Arkansas: KPERS retirement decisions, Minnesota MSRS retirement decisions, Utah Retirement Systems retirement decisions, UCRP retirement decisions and Arkansas APERS retirement decisions.
Five more again, in Texas, Pennsylvania, Nevada and California: TCDRS retirement decisions, ERS of Texas retirement decisions, Pennsylvania SERS retirement decisions, Nevada PERS retirement decisions and LACERA retirement decisions.
Five more systems with their own decision pages: FRS Investment Plan vs Pension Plan, IMRF retirement decisions, ASRS retirement decisions, NYCERS retirement decisions and TMRS retirement decisions.
The twelve systems, side by side
The distinction that matters most
8 of these systems grant a COLA automatically to every retiree. 3 do not, and Washington DRS is split — automatic in Plans 2 and 3, but PERS 1 and TRS 1 retirees have one only if they elected it when they retired. Pennsylvania’s PSERS and Texas TRS are ad hoc — a cost-of-living increase happens only when the legislature passes one. TRS Georgia’s is conditional. If you are in one of those, a retirement plan that assumes annual inflation adjustments is assuming something nobody has promised you.
And among the automatic ones, compounding is a second, quieter divide. CalPERS and NYSTRS compound; CalSTRS, NYSLRS and OPERS do not. Over a thirty-year retirement that difference is large, and it is invisible in the first year.
Vesting is the other number to know early
Vesting decides whether you leave with a pension or with your own contributions back. It runs from 5 years in several systems to 8 years in Florida’s FRS. Several systems vary it by tier or hire date, which is why those rows say to check the page rather than carrying a single number that would be wrong for many readers.
What each page covers
Every system page works through the same four decisions: the COLA and whether it compounds, vesting, service credit purchase (buyback), and what happens if you take a refund instead of leaving the money in. The refund question is the one people get wrong most often, because taking contributions back usually forfeits the employer share and the service credit with it.
Honest gaps
Several COLA entries read unstated or unconfirmed. That is deliberate: the system publishes that a COLA exists without publishing a current rate we could verify, and we would rather say so than print a number from a secondary source. Each page states what was and was not verified for that system. None of this is advice about your own election — tier rules, hire dates and reciprocity between systems change the answer, and your own member statement governs.
If you teach
Two questions sit outside every system page above, because they are about Social Security rather than your pension. Whether your teaching position is covered by Social Security at all is decided position by position, not by state — the state list everyone publishes is not an SSA artifact. And once WEP and GPO were repealed, coordinating a system annuity with a Social Security benefit became a live decision rather than a closed one.
General information drawn from the Social Security Act, title 20 of the Code of Federal Regulations and SSA’s own published guidance, not legal advice. Entitlement turns on facts this page cannot see, and the figures change — the notice or award letter in your hand governs.
Hiring help for this? What a teacher should ask an advisor — the non-covered-state question, the pension election, and the 403(b) vendor problem — is at financial advisor for teachers.
Coordinate this with the rest of your retirement plan
A pension election is usually a one-time choice you cannot revisit, and an adviser can weigh it against your other income, your spouse’s position and how long the money has to last, though that does not replace the numbers in your own plan documents.
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28 more systems, added September 3, 2026
The table below adds 28 more public-employee pension systems to the comparison, each researched at its own official source; this site does not publish a pension system’s rules from a secondary source. Michigan MPSERS, Massachusetts MSERS, Arizona ASRS, Kansas KPERS, Nevada PERS and Utah URS were left out of that table, and each now has its own decision page, linked near the top of this page.
| System | COLA | Vesting |
|---|---|---|
| New Jersey Public Employees’ Retirement System (PERS) | Suspended since 2011 | 10 years of service credit |
| New Jersey Teachers’ Pension and Annuity Fund (TPAF) | Suspended since 2011 | 10 years of service credit |
| Teachers’ and State Employees’ Retirement System of North Carolina (TSERS) | Discretionary (General Assembly) | 5 years of membership service |
| Virginia Retirement System (VRS) | Automatic (statutory annual review) | 5 years (60 months) of service credit |
| Massachusetts Teachers’ Retirement System (MTRS) | Discretionary (Legislature votes each cycle) | 10 years of creditable service |
| Public Employees Retirement Association of Minnesota (PERA), Coordinated Plan | Automatic (statutory formula) | 3 years (36 months) of service |
| Minnesota Teachers Retirement Association (TRA) | Automatic (statutory formula) | 3 years of service credit |
| Public School Retirement System of Missouri (PSRS) | Discretionary (Board votes annually) | 5 years of service |
| Missouri State Employees’ Retirement System (MOSERS) | Automatic | 5 years (general state employees) |
| Maryland State Retirement and Pension System (MSRPS) | Automatic (annual, statutory formula) | 5 or 10 years, by enrollment date |
| Colorado Public Employees’ Retirement Association (PERA) | Automatic | 5 years of earned service credit |
| Tennessee Consolidated Retirement System (TCRS) | Automatic | 5 years (8 years for judges) |
| Indiana Public Employees’ Retirement Fund (PERF), administered by INPRS | Discretionary (General Assembly must approve) | 10 years of PERF/TRF-covered service |
| Indiana Teachers’ Retirement Fund (TRF), administered by INPRS | Discretionary (General Assembly must approve) | 10 years of TRF/PERF-covered service |
| Teachers’ Retirement System of the State of Kentucky (KTRS) | Automatic (standard, statutory) | 5 years of Kentucky service |
| Kentucky Employees Retirement System (KERS), administered by KPPA | Discretionary (General Assembly holds sole authority) | 60 months (48 if age 65+) for Tiers 1&2; 60 months for Tier 3 |
| South Carolina Retirement System (SCRS), administered by PEBA | Automatic (statutory “benefit adjustment”) | 5 years (Class Two) or 8 years (Class Three) |
| Employees’ Retirement System of Alabama (ERS), administered by RSA | Ad hoc (Legislature); none granted since 2006 | 10 years of creditable service |
| Teachers’ Retirement System of Louisiana (TRSL) | Discretionary (Permanent Benefit Increase, board- and legislature-gated) | 5 years of TRSL service credit |
| Oregon Public Employees Retirement System (PERS) | Automatic | 5 years of service (or reaching normal retirement age) |
| Connecticut State Employees Retirement System (SERS) | Automatic | 5 or 10 years, by tier and service category |
| Connecticut Teachers’ Retirement System (TRB) | Automatic (formula-driven; Board formally adopts each cycle) | 10 years of Connecticut service |
| Iowa Public Employees’ Retirement System (IPERS) | Narrow: not a general benefit for most current retirees | 7 years (28 quarters), or age 65 while covered |
| Wisconsin Retirement System (WRS), administered by ETF | Variable annuity adjustment: can be negative | 5 years of WRS creditable service |
| Public Employees Retirement Association of New Mexico (PERA) | Automatic (statutory formula, funded-ratio based) | 5 years of service credit |
| New Mexico Educational Retirement Board (NMERB) | Automatic | 5 years of earned service credit |
| Teachers’ Retirement System of Oklahoma (TRS) | Discretionary (Legislature must enact a law) | 5 years (hired before 11/1/2017) or 7 years (on/after) |
| Oklahoma Public Employees Retirement System (OPERS) | Discretionary (Legislature has sole authority) | 8 years of credited service |