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Macon Reporter

Monday, December 23, 2024

Former state school employee Blakeman paid in $116K to teachers' pension fund, could collect $3.01M in retirement

Money 03

Former state school employee Mary Blakeman, who retired in June 2016, saved $115,770 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Blakeman would collect as much as $3.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Blakeman received $63,196 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Blakeman will have already received $128,288 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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