Quantcast

Macon Reporter

Friday, November 22, 2024

Former state school employee Johnston paid in $9K to teachers' pension fund, could collect $429K in retirement

Shutterstock 65427295

Former state school employee Bobbie Johnston, who retired in December 2016, saved $9,190 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnston would collect as much as $428,898, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Johnston received $9,015 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnston will have already received $18,300 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS