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Sangamon Sun

Friday, November 22, 2024

Former state school employee Saxby paid in $97K to teachers' pension fund, could collect $1.31M in retirement

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Former state school employee Cynthia Saxby, who retired in October 2016, saved $96,531 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Saxby would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Saxby received $27,452 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Saxby will have already received $114,850 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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