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Former state school employee Taylor paid in $42K to teachers' pension fund, could collect $555K in retirement

Schools

By Local Labs News Service | Dec 1, 2016

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Former state school employee Karen Taylor, who retired in November 2016, saved $42,094 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $555,336, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Taylor received $11,672 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Taylor will have already received $48,831 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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