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Illinois Valley Times

Thursday, December 26, 2024

Former state school employee Mitchell paid in $188K to teachers' pension fund, could collect $3.08M in retirement

Money 07

Former state school employee Miriam Mitchell, who retired in May 2017, saved $187,958 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Mitchell received $64,761 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitchell will have already received $200,170 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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