Sangamon Sun

Sangamon Sun

Sunday, October 20, 2019

Former state school employee Smith paid in $138K to teachers' pension fund, could collect $3.34M in retirement

Schools

By Local Labs News Service | Jul 1, 2016


Former state school employee Steven Smith, who retired in June 2016, saved $137,873 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $3.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Smith received $70,138 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Smith will have already received $142,380 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Hall Township High School District 502 ?

Sign-up Next time we write about Hall Township High School District 502, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Hall Township High School District 502

More News