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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Johnston paid in $113K to teachers' pension fund, could collect $2.33M in retirement

Money272

Former state school employee Carol Johnston, who retired in May 2016, saved $113,027 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnston would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnston received $48,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnston will have already received $151,277 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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