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Southern Illinois News

Saturday, May 18, 2024

Former state school employee Walker paid in $62K to teachers' pension fund, could collect $1.91M in retirement

Money 08

Former state school employee Sharon Walker, who retired in July 2016, saved $61,655 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Walker 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 Walker received $40,231 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walker will have already received $81,669 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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