Former state school employee Bowers paid in $78K to teachers' pension fund, could collect $1.56M in retirement

By Local Labs News Service

Mar 1, 2016

Former state school employee Johnnie Bowers, who retired in February 2016, saved $77,508 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bowers would collect as much as $1.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Bowers received $32,826 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bowers will have already received $101,462 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Egyptian Community Unit School District 5

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate