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Peoria Standard

Tuesday, November 26, 2024

Former state school employee Scott paid in $106K to teachers' pension fund, could collect $2.04M in retirement

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Former state school employee Kathy Scott, who retired in May 2018, saved $106,257 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Scott received $42,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $132,732 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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