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SE Illinois News

Tuesday, November 5, 2024

Former state school employee Smith paid in $157K to teachers' pension fund, could collect $3.15M in retirement

Money 04

Former state school employee Dennis Smith, who retired in July 2016, saved $156,706 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $3.15 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Smith received $66,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $204,333 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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