I know this sounds harsh, but perhaps the teachers be asked to fund their fair share of their own pensions? I know its mean and all, and they are all poor, but many pay nothing into social security ($900/month for me) and I also try and fund my own 401. I know its a hardship and all, but should not those who benefit from it, pay for it? Its just a thought.
My wife has been paying 8.9% out of her monthly paycheck for over 20 years; her state teacher pension all comes from her own contributions. Every state is different. Here in Alaska, they have changed the pension formula three times over the last 30 years. I have a hunting buddy who retired after 36 years, (he had been a Marine Captain for 8 years and was able to put those years toward teacher pension), anyway he taught for 32 years. He got $4400/month from his retirement when he did retire. I hear all the stories & huge pension amounts but honestly I don’t think they are all that high. Every state is different.