Quantcast

Illinois Valley Times

Friday, December 27, 2024

Former state school employee Cave paid in $50K to teachers' pension fund, could collect $729K in retirement

Shutterstock 249974521

Former state school employee Joann Cave, who retired in May 2017, saved $50,432 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cave would collect as much as $728,588, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Cave received $15,314 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cave will have already received $64,066 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS