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Peoria Standard

Friday, November 22, 2024

Former state school employee Brown paid in $81K to teachers' pension fund, could collect $1.22M in retirement

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Former state school employee Evelyn Brown, who retired in January 2016, saved $80,940 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Brown received $25,627 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brown will have already received $107,215 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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