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Sangamon Sun

Saturday, September 21, 2024

Former state school employee Thomas paid in $80K to teachers' pension fund, could collect $1.35M in retirement

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Former state school employee Linda Thomas, who retired in June 2016, saved $79,523 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Thomas received $28,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $87,841 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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