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Southern Illinois News

Tuesday, November 5, 2024

Former state school employee Smith paid in $117K to teachers' pension fund, could collect $1.85M in retirement

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Former state school employee Jean Smith, who retired in May 2018, saved $116,997 toward a pension over 31 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 $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Smith received $38,827 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $120,011 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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