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Chambana Sun

Saturday, November 23, 2024

Former state school employee Barber paid in $96K to teachers' pension fund, could collect $2.64M in retirement

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Former state school employee Joy Barber, who retired in April 2017, saved $95,733 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, Barber would collect as much as $2.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Barber received $55,541 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Barber will have already received $112,748 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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