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Sangamon Sun

Tuesday, November 12, 2024

Former state school employee Doctor paid in $133K to teachers' pension fund, could collect $2.65M in retirement

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Former state school employee Patricia Doctor, who retired in May 2018, saved $133,125 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Doctor would collect as much as $2.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Doctor received $55,746 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Doctor will have already received $172,305 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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