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South Central Reporter

Saturday, November 23, 2024

Former state school employee Fisher paid in $86K to teachers' pension fund, could collect $1.61M in retirement

Money272

Former state school employee Margaret Fisher, who retired in May 2017, saved $85,821 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fisher would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Fisher received $33,795 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fisher will have already received $104,457 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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