Quantcast

Sangamon Sun

Saturday, November 23, 2024

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

Shutterstock 369740408

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.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS