Former state school employee Howard paid in $121K to teachers' pension fund, could collect $2.72M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Faye Howard, who retired in July 2017, saved $121,495 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Howard would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Howard received $57,227 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howard will have already received $176,883 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Meridian Community Unit School District 101

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