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Peoria Standard

Monday, November 25, 2024

Former state school employee Palin paid in $6K to teachers' pension fund, could collect $380K in retirement

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Former state school employee Sylvia Palin, who retired in March 2017, saved $6,462 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, Palin would collect as much as $380,354, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Palin received $7,994 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Palin will have already received $7,994 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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