Quantcast

Southern Illinois News

Sunday, June 1, 2025

Former state school employee Smith paid in $109K to teachers' pension fund, could collect $1.91M in retirement

Shutterstock 65427295

Former state school employee Leta Smith, who retired in May 2016, saved $109,068 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Smith received $40,188 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $124,218 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS