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Sangamon Sun

Thursday, April 18, 2024

Former state school employee Kirby paid in $125K to teachers' pension fund, could collect $2.61M in retirement

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Former state school employee Marla Kirby, who retired in June 2017, saved $125,074 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kirby would collect as much as $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kirby received $54,878 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kirby will have already received $169,622 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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