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Sangamon Sun

Friday, November 8, 2024

Former state school employee King paid in $108K to teachers' pension fund, could collect $1.61M in retirement

Money 07

Former state school employee Donna King, who retired in May 2018, saved $108,095 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, King would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes King received $33,800 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, King will have already received $141,406 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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