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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Miller paid in $24K to teachers' pension fund, could collect $294K in retirement

Money 04

Former state school employee Carlene Miller, who retired in May 2016, saved $24,419 toward a pension over 10 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 $294,467, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Miller received $6,189 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Miller will have already received $25,893 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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