Former state school employee Sherwood paid in $122K to teachers' pension fund, could collect $3.1M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Cynthia Sherwood, who retired in May 2017, saved $121,836 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sherwood would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Sherwood received $65,148 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sherwood will have already received $132,250 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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