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Galesburg Reporter

Tuesday, December 24, 2024

Former state school employee Miller paid in $19K to teachers' pension fund, could collect $875K in retirement

Money 02

Former state school employee Linda Miller, who retired in September 2016, saved $19,267 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $875,499, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Miller received $18,402 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miller will have already received $37,356 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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