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Macon Reporter

Saturday, November 23, 2024

Former state school employee Baldwin paid in $6K to teachers' pension fund, could collect $189K in retirement

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Former state school employee James Baldwin, who retired in January 2018, saved $6,082 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Baldwin would collect as much as $188,975, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Baldwin received $3,972 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Baldwin will have already received $8,063 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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