Commentary on Teacher Pension Papers

This commentary explains how changing labor market conditions have made it more important for schools to attract and retain skilled teachers and yet more difficult to do so. This is important context for considering the contributions of the five papers on teacher pensions in this special issue. I describe and comment on the evidence that defined benefit (DB) pension plans have deleterious impacts on the ability of public schools to provide students with an excellent education. I describe the merits of alternative strategies for responding to the central problem with DB plans as currently funded. I conclude by explaining the importance of considering the design of teacher pension plans as part of a multipronged strategy to provide all students with a high-quality education.