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Macon Reporter

Monday, December 23, 2024

Former state school employee Gregory paid in $122K to teachers' pension fund, could collect $2.51M in retirement

Money 08

Former state school employee Sharon Gregory, who retired in June 2016, saved $121,827 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gregory would collect as much as $2.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Gregory received $52,738 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gregory will have already received $163,008 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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