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Macon Reporter

Monday, December 23, 2024

Former state school employee Werts paid in $155K to teachers' pension fund, could collect $3.07M in retirement

Money 03

Former state school employee Kay Werts, who retired in May 2017, saved $155,433 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, Werts would collect as much as $3.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Werts received $64,440 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Werts will have already received $199,177 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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