Prairie State Wire

Prairie State Wire

Monday, October 14, 2019

Former state school employee Kelley paid in $179K to teachers' pension fund, could collect $3.42M in retirement

Schools

By Local Labs News Service | Jul 1, 2018


Former state school employee Marcia Kelley, who retired in June 2018, saved $179,491 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, Kelley would collect as much as $3.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Kelley received $71,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelley will have already received $222,443 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Illinois State Board of Education

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