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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Brown paid in $95K to teachers' pension fund, could collect $2.41M in retirement

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Former state school employee Lillian Brown, who retired in May 2016, saved $95,040 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Brown received $50,677 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Brown will have already received $102,874 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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