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Sangamon Sun

Friday, April 19, 2024

Former state school employee Bennett paid in $39K to teachers' pension fund, could collect $969K in retirement

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Former state school employee Jona Bennett, who retired in June 2017, saved $38,857 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bennett would collect as much as $968,745, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bennett received $20,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bennett will have already received $41,335 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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