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Illinois Valley Times

Monday, November 25, 2024

Former state school employee Johnson paid in $66K to teachers' pension fund, could collect $988K in retirement

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Former state school employee Rebecca Johnson, who retired in May 2016, saved $65,893 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $987,591, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Johnson received $20,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Johnson will have already received $86,844 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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