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Sangamon Sun

Friday, April 19, 2024

Former state school employee Toney paid in $114K to teachers' pension fund, could collect $2.27M in retirement

Money759

Former state school employee Barbara Toney, who retired in December 2017, saved $113,648 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Toney would collect as much as $2.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Toney received $47,715 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Toney will have already received $147,481 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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