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Peoria Standard

Monday, May 20, 2024

Former state school employee Hall paid in $107K to teachers' pension fund, could collect $2.32M in retirement

Money 07

Former state school employee Sharon Hall, who retired in May 2017, saved $107,442 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $2.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Hall received $48,691 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hall will have already received $150,500 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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