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Sangamon Sun

Thursday, April 25, 2024

Former state school employee Jones paid in $3K to teachers' pension fund, could collect $64K in retirement

Money759

Former state school employee Janice Jones, who retired in May 2018, saved $2,514 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $64,186, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jones received $1,349 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jones will have already received $2,738 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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