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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Miller paid in $2K to teachers' pension fund, could collect $67K in retirement

Money 03

Former state school employee Ruth Miller, who retired in May 2016, saved $2,099 toward a pension over 1 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 $66,967, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Miller received $1,407 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miller will have already received $2,856 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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