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South Central Reporter

Saturday, November 23, 2024

Former state school employee Sinclair paid in $107K to teachers' pension fund, could collect $2.41M in retirement

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Former state school employee Martha Sinclair, who retired in May 2016, saved $106,728 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sinclair would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Sinclair received $50,614 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sinclair will have already received $156,442 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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