Quantcast

Southern Illinois News

Saturday, November 23, 2024

Former state school employee Reid paid in $65K to teachers' pension fund, could collect $1.22M in retirement

Shutterstock 469426916

Former state school employee Linda Reid, who retired in June 2016, saved $64,863 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reid would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Reid received $25,594 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reid will have already received $79,109 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