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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Wier paid in $95K to teachers' pension fund, could collect $1.58M in retirement

Money272

Former state school employee Nancy Wier, who retired in May 2016, saved $95,009 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wier would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Wier received $33,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wier will have already received $102,681 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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