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Sangamon Sun

Thursday, November 7, 2024

Former state school employee Parker paid in $143K to teachers' pension fund, could collect $2.16M in retirement

Money 06

Former state school employee Karen Parker, who retired in May 2018, saved $143,265 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Parker would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Parker received $45,441 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Parker will have already received $190,107 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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