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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Harrison paid in $18K to teachers' pension fund, could collect $972K in retirement

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Former state school employee Kathleen Harrison, who retired in June 2016, saved $18,443 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harrison would collect as much as $972,376, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Harrison received $20,438 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Harrison will have already received $20,438 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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