Prairie State Wire

Prairie State Wire

Thursday, November 21, 2019

Former state school employee Veach paid in $80K to teachers' pension fund, could collect $1.08M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former state school employee Sally Veach, who retired in December 2017, saved $79,708 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Veach would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Veach received $22,635 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Veach will have already received $94,695 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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