Quantcast

Macon Reporter

Sunday, December 22, 2024

Former state school employee Cary paid in $55K to teachers' pension fund, could collect $956K in retirement

Shutterstock 381111379

Former state school employee Barbara Cary, who retired in April 2017, saved $54,719 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cary would collect as much as $956,248, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Cary received $20,099 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cary will have already received $62,124 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS