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Sangamon Sun

Friday, November 22, 2024

Former state school employee Grover paid in $84K to teachers' pension fund, could collect $1.19M in retirement

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Former state school employee Lynn Grover, who retired in August 2016, saved $84,178 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Grover would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Grover received $25,053 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Grover will have already received $104,813 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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