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Sangamon Sun

Thursday, November 21, 2024

Former state school employee Selbee paid in $134K to teachers' pension fund, could collect $2.13M in retirement

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Former state school employee Melinda Selbee, who retired in July 2016, saved $134,342 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Selbee would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Selbee received $44,781 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Selbee will have already received $138,413 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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