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Sangamon Sun

Thursday, April 25, 2024

Former state school employee Neff paid in $39K to teachers' pension fund, could collect $523K in retirement

Money272

Former state school employee Patricia Neff, who retired in May 2017, saved $38,622 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Neff would collect as much as $523,325, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Neff received $10,999 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Neff will have already received $46,016 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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