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Galesburg Reporter

Tuesday, November 5, 2024

Former state school employee Camper paid in $131K to teachers' pension fund, could collect $2.66M in retirement

Money 01

Former state school employee Terry Camper, who retired in May 2018, saved $131,184 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Camper would collect as much as $2.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Camper received $55,912 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Camper will have already received $172,818 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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