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Illinois Valley Times

Saturday, November 23, 2024

Former state school employee Blanche paid in $238K to teachers' pension fund, could collect $3.62M in retirement

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Former state school employee James Blanche, who retired in June 2016, saved $237,894 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Blanche would collect as much as $3.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Blanche received $76,002 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Blanche will have already received $317,963 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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