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Sangamon Sun

Wednesday, April 24, 2024

Former state school employee Savage paid in $160K to teachers' pension fund, could collect $3.25M in retirement

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Former state school employee Barbara Savage, who retired in June 2017, saved $160,077 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Savage would collect as much as $3.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Savage received $68,391 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Savage will have already received $211,390 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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