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South Central Reporter

Sunday, November 24, 2024

Former state school employee Grove paid in $10K to teachers' pension fund, could collect $289K in retirement

Money 07

Former state school employee Marsha Grove, who retired in January 2016, saved $9,950 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Grove would collect as much as $288,803, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Grove received $6,070 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Grove will have already received $12,322 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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