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South Central Reporter

Saturday, November 23, 2024

Former state school employee Bell paid in $88K to teachers' pension fund, could collect $1.79M in retirement

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Former state school employee Lola Bell, who retired in May 2016, saved $87,818 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bell would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Bell received $37,624 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bell will have already received $116,293 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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