Former state school employee Smith paid in $108K to teachers' pension fund, could collect $2.1M in retirement

By Rock Island Today Reports

Jun 1, 2016

Former state school employee Beth Smith, who retired in May 2016, saved $107,900 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Smith received $44,056 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $136,173 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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East Moline School District 37 Board

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