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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Leech paid in $113K to teachers' pension fund, could collect $3.72M in retirement

Money 07

Former state school employee Jami Leech, who retired in May 2016, saved $113,302 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Leech would collect as much as $3.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Leech received $78,127 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Leech will have already received $158,598 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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