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Sangamon Sun

Monday, November 25, 2024

Former state school employee Williams paid in $51K to teachers' pension fund, could collect $732K in retirement

Money 08

Former state school employee Kevin Williams, who retired in July 2017, saved $51,164 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $731,860, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Williams received $15,383 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Williams will have already received $64,355 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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