Quantcast

Sangamon Sun

Friday, November 22, 2024

Former state school employee Martin paid in $135K to teachers' pension fund, could collect $3M in retirement

Shutterstock 385535740

Former state school employee Kathleen Martin, who retired in June 2016, saved $134,724 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, Martin would collect as much as $3 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Martin received $62,968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $194,628 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