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Rock Island Today

Friday, November 22, 2024

Former state school employee Nelson paid in $109K to teachers' pension fund, could collect $1.69M in retirement

Money 06

Former state school employee Mary Nelson, who retired in June 2016, saved $108,693 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $1.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Nelson received $35,553 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nelson will have already received $109,892 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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