Sangamon Sun

Sangamon Sun

Sunday, October 20, 2019

Former state school employee Thompson paid in $158K to teachers' pension fund, could collect $3.29M in retirement


By Local Labs News Service | Jul 1, 2016

Former state school employee Barbara Thompson, who retired in June 2016, saved $158,281 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, Thompson would collect as much as $3.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Thompson received $69,121 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $213,647 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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