Former state school employee Crain paid in $93K to teachers' pension fund, could collect $1.79M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Charles Crain, who retired in May 2017, saved $92,931 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Crain would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Crain received $37,543 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Crain will have already received $116,041 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Hamilton County Community Unit School District 10

!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