Former state school employee Shaver paid in $110K to teachers' pension fund, could collect $2.32M in retirement

By Rock Island Today Reports

Jun 1, 2017

Former state school employee Julie Shaver, who retired in May 2017, saved $109,767 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shaver would collect as much as $2.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Shaver received $48,787 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shaver will have already received $150,797 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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