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Sangamon Sun

Thursday, November 14, 2024

Former state school employee Sorrill paid in $143K to teachers' pension fund, could collect $3.07M in retirement

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Former state school employee James Sorrill, who retired in May 2018, saved $142,864 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, Sorrill would collect as much as $3.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sorrill received $64,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sorrill will have already received $199,252 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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