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Sangamon Sun

Friday, November 22, 2024

Former state school employee Harper paid in $103K to teachers' pension fund, could collect $1.7M in retirement

Money 05

Former state school employee Mary Harper, who retired in June 2018, saved $102,816 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harper would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Harper received $35,692 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harper will have already received $110,321 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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