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Southern Illinois News

Wednesday, November 6, 2024

Former state school employee Smith paid in $126K to teachers' pension fund, could collect $2.37M in retirement

Money 08

Former state school employee Candace Smith, who retired in May 2017, saved $125,695 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, Smith would collect as much as $2.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Smith received $49,721 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $153,683 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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