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Rock Island Today

Sunday, November 24, 2024

Former state school employee Kight paid in $107K to teachers' pension fund, could collect $2.15M in retirement

Money 06

Former state school employee Sherrie Kight, who retired in May 2016, saved $107,412 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, Kight would collect as much as $2.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Kight received $45,158 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kight will have already received $139,579 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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