Quantcast

Sangamon Sun

Thursday, November 21, 2024

Former state school employee Johnson paid in $178K to teachers' pension fund, could collect $3.98M in retirement

Money 08

Former state school employee Donna Johnson, who retired in July 2016, saved $177,580 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, Johnson would collect as much as $3.98 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnson received $83,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $258,720 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