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Chambana Sun

Sunday, November 24, 2024

Former state school employee Washington paid in $114K to teachers' pension fund, could collect $1.82M in retirement

Money836

Former state school employee Michelle Washington, who retired in June 2017, saved $113,554 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Washington would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Washington received $38,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Washington will have already received $118,051 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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