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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Howell paid in $29K to teachers' pension fund, could collect $482K in retirement

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Former state school employee Shelia Howell, who retired in May 2017, saved $29,089 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Howell would collect as much as $481,672, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Howell received $10,124 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howell will have already received $31,293 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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