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Rock Island Today

Friday, April 26, 2024

Former state school employee Brown paid in $121K to teachers' pension fund, could collect $2.34M in retirement

Money 05

Former state school employee Janet Brown, who retired in June 2017, saved $121,185 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Brown received $49,081 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $151,704 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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