SE Illinois News

SE Illinois News

Monday, April 6, 2020

Former state school employee Small paid in $8K to teachers' pension fund, could collect $136K in retirement


By Local Labs News Service | May 1, 2016

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Former state school employee Joan Small, who retired in April 2016, saved $8,318 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Small would collect as much as $135,515, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Small received $2,848 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Small will have already received $8,802 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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