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Southern Illinois News

Tuesday, November 5, 2024

Former state school employee Fleenor paid in $105K to teachers' pension fund, could collect $1.45M in retirement

Money 05

Former state school employee Melanie Fleenor, who retired in September 2017, saved $104,526 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fleenor would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Fleenor received $30,399 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fleenor will have already received $127,178 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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