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Sangamon Sun

Tuesday, November 12, 2024

Former state school employee Ryan paid in $240K to teachers' pension fund, could collect $6.94M in retirement

Money 03

Former state school employee Arthur Ryan, who retired in May 2018, saved $240,341 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ryan would collect as much as $6.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ryan received $145,839 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ryan will have already received $296,053 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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