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Rockford Sun

Wednesday, December 25, 2024

Former state school employee Johnson paid in $54K to teachers' pension fund, could collect $1.05M in retirement

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Former state school employee Dorothy Johnson, who retired in May 2017, saved $53,787 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, Johnson would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Johnson received $22,007 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $68,021 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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