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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Johnson James paid in $88K to teachers' pension fund, could collect $1.37M in retirement

Money 04

Former state school employee Joyce Johnson James, who retired in June 2016, saved $87,895 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson James would collect as much as $1.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnson James received $28,858 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson James will have already received $89,198 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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