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Macon Reporter

Friday, November 22, 2024

Former state school employee Williams paid in $87K to teachers' pension fund, could collect $1.66M in retirement

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Former state school employee Diane Williams, who retired in December 2016, saved $86,719 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Williams received $34,800 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $107,563 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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