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Former state school employee Sherman paid in $15K to teachers' pension fund, could collect $285K in retirement

Schools

By Rock Island Today Reports | Feb 1, 2017

Money 07

Former state school employee Glenn Sherman, who retired in January 2017, saved $15,239 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sherman would collect as much as $284,550, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Sherman received $5,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sherman will have already received $18,486 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Illinois State Board of Education

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