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Sangamon Sun

Friday, November 22, 2024

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

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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.

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