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Chambana Sun

Saturday, November 23, 2024

Former state school employee Miller paid in $34K to teachers' pension fund, could collect $587K in retirement

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Former state school employee Jerry Miller, who retired in May 2016, saved $33,916 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $586,690, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Miller received $12,331 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $38,114 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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