Former state school employee Schabbing paid in $58K to teachers' pension fund, could collect $944K in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Jamie Schabbing, who retired in May 2017, saved $58,264 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schabbing would collect as much as $944,488, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Schabbing received $19,852 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schabbing will have already received $61,361 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Massac Unit School District 1 Board

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