Former state school employee Jones paid in $83K to teachers' pension fund, could collect $1.4M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee David Jones, who retired in May 2017, saved $82,609 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Jones received $29,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $91,040 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Eldorado Community Unit School District 4

!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