Former state school employee Sloan paid in $137K to teachers' pension fund, could collect $2.87M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Charles Sloan, who retired in June 2018, saved $137,238 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sloan would collect as much as $2.87 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Sloan received $60,228 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sloan will have already received $186,159 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