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Former state school employee Smith paid in $121K to teachers' pension fund, could collect $2.66M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

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Former state school employee Cathy Smith, who retired in May 2016, saved $121,107 toward a pension over 35 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 $2.66 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Smith received $55,890 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $172,751 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Edwards County Community Unit School District 1

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