Former state school employee Parks paid in $4K to teachers' pension fund, could collect $82K in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Walter Parks, who retired in May 2018, saved $4,434 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Parks would collect as much as $82,284, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Parks received $1,729 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parks will have already received $5,344 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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