Sangamon Sun

Sangamon Sun

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


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.

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