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Summary: Baby Boomers are moving toward and through retirement. As our retirement population continues to grow, our agency remains steadfast in our commitment to provide all of our members with prompt, professional service.
Some statistics of interest, as of January 1, 2008
Source: PERAC Commonwealth Actuarial Valuation Report, January 1, 2008, (published September 10, 2008; pdf, 48 pages)
Active members
| • Population | 89,636 | |
| • Average salary | $57,605 | |
| • Average age | 44.2 years | |
| • Average service | 12.9 years | |
| • Total member compensation | $5.16 billion | |
| • Employee contributions | $555 million |
Population of active members by years of service
The number of members eligible to retire (those with 20 or more years of service, or age 55 and over with 10 years of service) is 26,959, or 30% of the total population of 89,636 active members.
Retired members
| • Population | 50,024 | |
| • Average annual benefit | $34,347 | |
| • Average age | 69.7 years | |
| • Total benefits paid | $1.71 billion |
Average benefit by present age
While the average benefit by age will vary from year to year based on the ages of new retirees, it has steadily increased over the years, as evidenced by a right-to-left reading of the bar graph.
