Quantcast

Macon Reporter

Sunday, December 22, 2024

Former state school employee Guthrie paid in $47K to teachers' pension fund, could collect $609K in retirement

Shutterstock 65427295

Former state school employee Charles Guthrie, who retired in May 2017, saved $47,083 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Guthrie would collect as much as $609,286, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Guthrie received $12,806 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Guthrie will have already received $53,576 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS