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Sangamon Sun

Friday, November 8, 2024

Former state school employee Poe paid in $142K to teachers' pension fund, could collect $3.29M in retirement

Money041

Former state school employee Michael Poe, who retired in May 2018, saved $142,137 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Poe would collect as much as $3.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Poe received $69,252 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Poe will have already received $214,052 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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