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Chambana Sun

Monday, November 25, 2024

Former state school employee Brown paid in $114K to teachers' pension fund, could collect $2.44M in retirement

Money272

Former state school employee Mary Brown, who retired in June 2017, saved $113,715 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Brown received $51,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $158,386 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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