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Sangamon Sun

Friday, November 8, 2024

Former state school employee Snowman paid in $140K to teachers' pension fund, could collect $2.85M in retirement

Money 08

Former state school employee Shawn Snowman, who retired in May 2018, saved $139,809 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Snowman would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Snowman received $60,003 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Snowman will have already received $185,463 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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