Former state school employee Spencer paid in $7K to teachers' pension fund, could collect $100K in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Carolyn Spencer, who retired in January 2016, saved $6,516 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Spencer would collect as much as $99,503, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Spencer received $2,091 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Spencer will have already received $8,750 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Brookwood School District 167

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