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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Richmond paid in $51K to teachers' pension fund, could collect $2.2M in retirement

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Former state school employee Jacqlin Richmond, who retired in May 2016, saved $50,880 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Richmond would collect as much as $2.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Richmond received $46,218 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Richmond will have already received $93,823 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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