Quantcast

Peoria Standard

Tuesday, November 26, 2024

Former state school employee Garey paid in $159K to teachers' pension fund, could collect $3.28M in retirement

Shutterstock 267646277

Former state school employee Russel Garey, who retired in May 2018, saved $159,032 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, Garey would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Garey received $68,850 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garey will have already received $212,809 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS