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South Central Reporter

Wednesday, November 6, 2024

Former state school employee Foster paid in $96K to teachers' pension fund, could collect $1.52M in retirement

Money 01

Former state school employee Cheryl Foster, who retired in May 2018, saved $96,490 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Foster would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Foster received $32,031 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Foster will have already received $99,005 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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