Former state school employee Ray paid in $96K to teachers' pension fund, could collect $1.99M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Karen Ray, who retired in June 2016, saved $96,461 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ray would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Ray received $41,810 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ray will have already received $129,230 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Norris City-Omaha-Enfield High School

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