Quantcast

Sangamon Sun

Monday, November 25, 2024

Former state school employee Patton paid in $207K to teachers' pension fund, could collect $4.24M in retirement

Money836

Former state school employee Craig Patton, who retired in July 2017, saved $207,348 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, Patton would collect as much as $4.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Patton received $89,198 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Patton will have already received $275,702 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS