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Sangamon Sun

Sunday, May 5, 2024

Former state school employee Adkins paid in $141K to teachers' pension fund, could collect $3.14M in retirement

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Former state school employee Margaret Adkins, who retired in May 2017, saved $141,337 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Adkins would collect as much as $3.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Adkins received $65,922 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Adkins will have already received $203,759 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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