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Illinois Valley Times

Friday, December 27, 2024

Former state school employee Beck paid in $176K to teachers' pension fund, could collect $4.88M in retirement

Money 04

Former state school employee Barbara Beck, who retired in May 2017, saved $175,841 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, Beck would collect as much as $4.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Beck received $102,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Beck will have already received $208,308 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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