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Sangamon Sun

Friday, April 19, 2024

Former state school employee Sawvel Schilling paid in $77K to teachers' pension fund, could collect $1.25M in retirement

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Former state school employee Cherie Sawvel Schilling, who retired in July 2017, saved $77,206 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sawvel Schilling would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sawvel Schilling received $26,173 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sawvel Schilling will have already received $80,898 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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