Quantcast

Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Licke paid in $207K to teachers' pension fund, could collect $4.5M in retirement

Money 06

Former state school employee Mary Licke, who retired in July 2016, saved $206,718 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Licke would collect as much as $4.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Licke received $94,598 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Licke will have already received $292,393 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