Quantcast

Peoria Standard

Wednesday, December 25, 2024

Former state school employee Sanders paid in $71K to teachers' pension fund, could collect $961K in retirement

Shutterstock 233512279

Former state school employee Mark Sanders, who retired in May 2016, saved $70,842 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sanders would collect as much as $961,187, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Sanders received $20,203 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sanders will have already received $84,521 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS