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Peoria Standard

Saturday, November 23, 2024

Former state school employee Pryor paid in $4K to teachers' pension fund, could collect $116K in retirement

Money 05

Former state school employee Julia Pryor, who retired in January 2017, saved $3,902 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pryor would collect as much as $116,264, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Pryor received $2,443 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pryor will have already received $4,959 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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