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Illinois Valley Times

Wednesday, December 25, 2024

Former state school employee Swartz paid in $6K to teachers' pension fund, could collect $93K in retirement

Money 08

Former state school employee Lynn Swartz, who retired in August 2016, saved $6,459 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swartz would collect as much as $92,806, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Swartz received $1,950 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Swartz will have already received $8,159 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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