Quantcast

Sangamon Sun

Monday, December 23, 2024

Former state school employee King paid in $81K to teachers' pension fund, could collect $1.24M in retirement

Shutterstock 233512279

Former state school employee Margaret King, who retired in May 2018, saved $80,528 toward a pension over 14 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 $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes King received $25,984 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, King will have already received $108,709 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS