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Macon Reporter

Monday, November 25, 2024

Former state school employee Pearson paid in $139K to teachers' pension fund, could collect $2.04M in retirement

Money759

Former state school employee Laura Pearson, who retired in December 2017, saved $139,255 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pearson would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Pearson received $42,858 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pearson will have already received $179,302 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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