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South Central Reporter

Wednesday, November 6, 2024

Former state school employee King paid in $119K to teachers' pension fund, could collect $2.59M in retirement

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Former state school employee Theresa King, who retired in May 2018, saved $119,292 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, King would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes King received $54,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, King will have already received $168,100 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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