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Sangamon Sun

Friday, May 3, 2024

Former state school employee Metcalf paid in $232K to teachers' pension fund, could collect $4.82M in retirement

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Former state school employee Ronald Metcalf, who retired in June 2017, saved $232,343 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, Metcalf would collect as much as $4.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Metcalf received $101,281 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Metcalf will have already received $313,049 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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