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South Central Reporter

Monday, May 20, 2024

Former state school employee Parton paid in $114K to teachers' pension fund, could collect $2.6M in retirement

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Former state school employee Kathy Parton, who retired in July 2017, saved $114,288 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Parton would collect as much as $2.6 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Parton received $54,677 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parton will have already received $169,001 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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