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Sangamon Sun

Sunday, May 5, 2024

Former state school employee Shotwell paid in $156K to teachers' pension fund, could collect $3.08M in retirement

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Former state school employee Paula Shotwell, who retired in May 2017, saved $156,014 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shotwell would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Shotwell received $64,709 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shotwell will have already received $200,009 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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