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Peoria Standard

Tuesday, November 26, 2024

Former state school employee Bell paid in $103K to teachers' pension fund, could collect $2.1M in retirement

Money041

Former state school employee Janet Bell, who retired in May 2018, saved $103,488 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bell would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Bell received $44,171 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bell will have already received $136,528 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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