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Macon Reporter

Sunday, December 22, 2024

Former state school employee Bishir paid in $69K to teachers' pension fund, could collect $1.16M in retirement

Money 08

Former state school employee Jyoti Bishir, who retired in May 2017, saved $68,854 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bishir would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Bishir received $24,473 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bishir will have already received $75,643 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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