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Sangamon Sun

Wednesday, November 13, 2024

Former state school employee Brown paid in $119K to teachers' pension fund, could collect $2.58M in retirement

Money 04

Former state school employee Mark Brown, who retired in May 2018, saved $118,825 toward a pension over 36 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 $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $54,325 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $167,914 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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