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Illinois Valley Times

Monday, November 25, 2024

Former state school employee Williamson paid in $50K to teachers' pension fund, could collect $633K in retirement

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Former state school employee Craig Williamson, who retired in May 2016, saved $50,058 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williamson would collect as much as $632,916, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Williamson received $13,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Williamson will have already received $55,654 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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