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Peoria Standard

Tuesday, November 26, 2024

Former state school employee Lynall paid in $17K to teachers' pension fund, could collect $643K in retirement

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Former state school employee Mary Lynall, who retired in July 2018, saved $17,497 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lynall would collect as much as $642,650, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Lynall received $13,508 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lynall will have already received $27,421 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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