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Sangamon Sun

Wednesday, April 24, 2024

Former state school employee Brown paid in $11K to teachers' pension fund, could collect $597K in retirement

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Former state school employee Joyce Brown, who retired in February 2018, saved $11,026 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $597,138, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $12,551 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Brown will have already received $12,551 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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