This document is a study of teacher retirement systems of the United States. It also deals with the problems of improved management, particularly of how funds might be invested to increase benefits or reduce the required contributions. It sets up a hypothetically ideal pattern for the investment portfolio of typical State pension fund on the basis of security and return criteria. From this model the implication is made that benefits of teacher pension funds might be increased (or contributions reduced) by as much as one third if the model were applied to the average fund. The study presents a compilation of information on the history of teacher pensions and improvements of and comparisons among State systems, and offers recommendations to those responsible for teacher pension funds. (Author)