Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state school employee Kent paid in $79K to teachers' pension fund, could collect $1.5M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Larry Kent, who retired in June 2018, saved $79,173 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kent would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kent received $31,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kent will have already received $97,648 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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