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Rock Island Today

Saturday, April 20, 2024

Former state school employee Johnson paid in $80K to teachers' pension fund, could collect $1.52M in retirement

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Former state school employee Peggy Johnson, who retired in May 2018, saved $79,732 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Johnson received $31,847 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $98,435 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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