Quantcast

Sangamon Sun

Monday, May 6, 2024

Former state school employee Harrison paid in $50K to teachers' pension fund, could collect $711K in retirement

Shutterstock 197358977

Former state school employee Theodore Harrison, who retired in June 2016, saved $50,333 toward a pension over 12 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 $711,050, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Harrison received $14,945 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Harrison will have already received $62,524 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS