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Chambana Sun

Friday, April 19, 2024

Former state school employee Hughes paid in $9K to teachers' pension fund, could collect $277K in retirement

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Former state school employee Mary Alayne Hughes, who retired in August 2017, saved $8,720 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hughes would collect as much as $276,854, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hughes received $5,819 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hughes will have already received $11,813 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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