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Macon Reporter

Friday, May 17, 2024

Former state school employee Harris paid in $64K to teachers' pension fund, could collect $1.35M in retirement

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Former state school employee Cynthia Harris, who retired in July 2016, saved $64,419 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harris would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Harris received $28,299 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harris will have already received $87,469 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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