Thursday, November 14, 2019

Former state school employee King paid in $54K to teachers' pension fund, could collect $1.05M in retirement

By Local Labs News Service | Jul 1, 2016

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Former state school employee Debra King, who retired in June 2016, saved $54,021 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, King would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes King received $22,056 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, King will have already received $68,174 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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