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Macon Reporter

Friday, November 22, 2024

Former state school employee Freeman paid in $114K to teachers' pension fund, could collect $2.47M in retirement

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Former state school employee Susan Freeman, who retired in September 2017, saved $113,573 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Freeman would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Freeman received $51,828 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Freeman will have already received $160,195 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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