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Peoria Standard

Thursday, December 26, 2024

Former state school employee Henson paid in $133K to teachers' pension fund, could collect $2.71M in retirement

Money 03

Former state school employee Julie Henson, who retired in May 2016, saved $133,213 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, Henson would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Henson received $57,050 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henson will have already received $176,337 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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