Former state school employee Searby paid in $56K to teachers' pension fund, could collect $1.75M in retirement

By Local Labs News Service

Apr 1, 2016

Former state school employee Linda Searby, who retired in March 2016, saved $56,430 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, Searby would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Searby received $36,742 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Searby will have already received $74,586 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Springfield Ball Charter

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate