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Illinois Valley Times

Monday, November 25, 2024

Former state school employee Scariot paid in $148K to teachers' pension fund, could collect $2.86M in retirement

Money 06

Former state school employee Maureen Scariot, who retired in May 2016, saved $147,636 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scariot would collect as much as $2.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Scariot received $60,052 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scariot will have already received $185,616 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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