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Sangamon Sun

Friday, November 22, 2024

Former state school employee Miller paid in $119K to teachers' pension fund, could collect $2.44M in retirement

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Former state school employee Kathleen Miller, who retired in May 2016, saved $119,443 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, Miller would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Miller received $51,321 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $158,629 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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