Quantcast

Peoria Standard

Tuesday, December 24, 2024

Former state school employee Heaton paid in $79K to teachers' pension fund, could collect $1.55M in retirement

Shutterstock 469426916

Former state school employee Melanie Heaton, who retired in May 2016, saved $79,015 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Heaton would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Heaton received $32,574 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Heaton will have already received $100,683 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