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Sangamon Sun

Thursday, April 25, 2024

Former state school employee Lewan paid in $103K to teachers' pension fund, could collect $1.73M in retirement

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Former state school employee Don Lewan, who retired in June 2016, saved $103,463 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lewan would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lewan received $36,276 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lewan will have already received $112,125 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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