Former state school employee Oltman paid in $143K to teachers' pension fund, could collect $2.56M in retirement

By Rock Island Today Reports

Jun 1, 2016

Former state school employee Susan Oltman, who retired in May 2016, saved $142,771 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oltman would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Oltman received $53,780 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Oltman will have already received $166,228 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Moline-Coal Valley School District 40

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate