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Peoria Standard

Saturday, November 23, 2024

Former state school employee Snyder paid in $42K to teachers' pension fund, could collect $387K in retirement

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Former state school employee David Snyder, who retired in February 2017, saved $41,821 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Snyder would collect as much as $386,702, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Snyder received $8,128 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Snyder will have already received $43,153 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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