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Macon Reporter

Wednesday, November 6, 2024

Former state school employee Thompson paid in $145K to teachers' pension fund, could collect $3.43M in retirement

Money 06

Former state school employee Carolyn Thompson, who retired in May 2018, saved $144,538 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thompson would collect as much as $3.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Thompson received $72,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Thompson will have already received $146,322 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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