Quantcast

Sangamon Sun

Thursday, November 21, 2024

Former state school employee York paid in $115K to teachers' pension fund, could collect $2.43M in retirement

Shutterstock 469426916

Former state school employee Debra York, who retired in May 2017, saved $115,081 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, York would collect as much as $2.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes York received $51,165 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, York will have already received $158,146 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS