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Illinois Valley Times

Saturday, December 28, 2024

Former state school employee Mathews paid in $1K to teachers' pension fund, could collect $40K in retirement

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Former state school employee Holly Mathews, who retired in February 2017, saved $1,486 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mathews would collect as much as $39,780, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Mathews received $836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mathews will have already received $1,697 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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