Quantcast

Chambana Sun

Monday, November 25, 2024

Former state school employee Johnston paid in $284K to teachers' pension fund, could collect $6.31M in retirement

Money836

Former state school employee Rick Johnston, who retired in July 2017, saved $283,815 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, Johnston would collect as much as $6.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Johnston received $132,616 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnston will have already received $409,902 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS