Quantcast

Southern Illinois News

Wednesday, November 6, 2024

Former state school employee Miller paid in $120K to teachers' pension fund, could collect $2.25M in retirement

Money759

Former state school employee Mary Miller, who retired in May 2017, saved $119,993 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, Miller would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Miller received $47,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $146,416 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS