Check this link:
http://www.nctreasurer.com/dsthome/RetirementSystems/Benefits_Handbook.htm On page 7 there's a formula for the pension pay-out. You'll see that to get a decent amount you have to put in a full 30 years. I expect that after 30 years my pension should be somewhere in the neighborhood of 1700-1800/month. You
can set up a pension of your own (and I bet you know this), but for an individual it's called a 401K or an IRA.
I don't know off the top of my head how much is deducted from each paycheck, and I keep my paystubs in my file cabinet at work, so I can't check. Sorry, I'm only answering half your question.There's no way to know whether a teacher's pension will be ONLY the money he himself paid in or whether he will get more than what he paid in. Why? Because you don't know how long that teacher will live.
A person who begins teaching young, teaches 30 years and earns a full pension, and then lives in retirement for another 30 years may very well take home MORE than she ever paid in. On the other hand, a person who dies young may collect only a fraction of what she contributed over the years -- or, if she dies before retirement, she might never collect a penny. Which is more typical? I don't know.
That's the nature of a pension. If you live a long time, you win. If you die young, you lose (in more than one way, but I mean financially). In some ways it's better than a 401K, but in other ways it's worse. If you die young with a 401K, at least you have the satisfaction of knowing that your family gets your money. A person with a pension who dies young leaves his family with nothing (from that source). That's absolutely true. Having the right personality is essential to being successful as a teacher. It doesn't mean you're a good or a bad person -- just that you're the
right person for the job.
What people outside the educational system fail to understand is that NONE OF THIS is about the MONEY. Oh, more money would be nice -- don't get me wrong about that! But what we teachers despise is the negative, jealous, misplaced comments and attitudes and complaints such as "You'd think they wouldn't complain -- after all, they only work 6.5 hours a day" or "It must be nice to be paid for staying home all summer." MANY people believe those are facts and simply do not believe anything else. I knew that my teacher paycheck wouldn't be great, but I didn't know that about 50% of the general public has a rather negative attitude towards education and teachers.