Former state school employee Austin paid in $115K to teachers' pension fund, could collect $1.97M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Terry Austin, who retired in May 2017, saved $115,447 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Austin would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Austin received $41,446 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Austin will have already received $128,105 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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