The Manhattan Institute for Policy Research launched a
According to the free market-oriented think tank, users can compare the difference in retirement benefits between public and private sector workers. The calculator enables comparisons to retirement plans nationwide in various professions, the institute said in a May 1 statement.
Users can also determine how much it would cost to buy an annuity that would generate the same level of benefit as that of a given defined benefit pension plan, the institute said. For example, to generate a pension equivalent to last year's median CalSTRS, or California State Teachers' Retirement System, retiree someone would need to save $868,000 to $950,000.
Pensions have become a hot-button issue in public finance. According to the institute, the pension calculator enables users to determine benefit levels for full-career employees.
