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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Wiss paid in $37K to teachers' pension fund, could collect $734K in retirement

Money759

Former state school employee Gail Wiss, who retired in June 2016, saved $36,872 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wiss would collect as much as $733,658, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wiss received $15,420 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wiss will have already received $47,662 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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