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Rock Island Today

Monday, May 20, 2024

Former state school employee Mattie paid in $75K to teachers' pension fund, could collect $993K in retirement

Money 03

Former state school employee Stephanie Mattie, who retired in May 2016, saved $75,325 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mattie would collect as much as $992,940, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Mattie received $20,870 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mattie will have already received $87,312 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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