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Sangamon Sun

Tuesday, April 23, 2024

Former state school employee Howard paid in $146K to teachers' pension fund, could collect $3.15M in retirement

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Former state school employee Linda Howard, who retired in May 2017, saved $145,897 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Howard would collect as much as $3.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howard received $66,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howard will have already received $204,828 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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