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South Central Reporter

Wednesday, November 6, 2024

Former state school employee Graham paid in $1K to teachers' pension fund, could collect $35K in retirement

Money 08

Former state school employee Julia Graham, who retired in May 2018, saved $1,330 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Graham would collect as much as $35,144, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Graham received $738 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Graham will have already received $1,498 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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