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Peoria Standard

Wednesday, December 25, 2024

Former state school employee Hilton paid in $6K to teachers' pension fund, could collect $125K in retirement

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Former state school employee Sharon Hilton, who retired in May 2016, saved $6,299 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hilton would collect as much as $125,085, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Hilton received $2,629 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hilton will have already received $8,126 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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