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Sangamon Sun

Friday, November 22, 2024

Former state school employee Brown paid in $116K to teachers' pension fund, could collect $2.31M in retirement

Money 03

Former state school employee Betsy Brown, who retired in May 2017, saved $116,223 toward a pension over 23 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 $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $48,565 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $150,110 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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