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Peoria Standard

Wednesday, December 25, 2024

Former state school employee Brooks paid in $127K to teachers' pension fund, could collect $2.58M in retirement

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Former state school employee Ann Brooks, who retired in May 2016, saved $127,439 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brooks would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Brooks received $54,201 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brooks will have already received $167,530 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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