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South Central Reporter

Saturday, November 23, 2024

Former state school employee Sheeley paid in $102K to teachers' pension fund, could collect $2.39M in retirement

Money759

Former state school employee Kathy Sheeley, who retired in June 2016, saved $102,362 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sheeley would collect as much as $2.39 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Sheeley received $50,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sheeley will have already received $155,115 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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