Former state school employee Webb paid in $119K to teachers' pension fund, could collect $2.73M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Lisa Webb, who retired in June 2016, saved $119,265 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, Webb would collect as much as $2.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Webb received $57,359 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Webb will have already received $177,291 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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