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Sangamon Sun

Friday, November 22, 2024

Former state school employee Olver paid in $15K to teachers' pension fund, could collect $460K in retirement

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Former state school employee Delores Olver, who retired in December 2016, saved $14,755 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Olver would collect as much as $459,995, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Olver received $9,668 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Olver will have already received $19,626 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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