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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Etter paid in $3K to teachers' pension fund, could collect $140K in retirement

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Former state school employee Ernie Etter, who retired in June 2018, saved $2,679 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Etter would collect as much as $139,843, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Etter received $2,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Etter will have already received $2,939 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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