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Chambana Sun

Saturday, November 23, 2024

Former state school employee Clark paid in $97K to teachers' pension fund, could collect $1.95M in retirement

Money 02

Former state school employee Susan Clark, who retired in May 2016, saved $97,475 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Clark received $40,895 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clark will have already received $126,403 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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