You say investment earnings fund 55% of benefits yet contributions only total 18.11%? Wouldn’t investments need to be 81.89%?

The 18.11 percent contributed by members, school districts and the state is based on a percentage of total state teacher payroll.

The 55 percent figure is instead based on an annual average of the total benefits paid for by investment earnings over the past 15 years. The remaining amount of total benefits paid over the last 15 years, averaging 45 percent each year, comes from contributions from members, school districts and the state.