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Rockford Sun

Saturday, November 23, 2024

Former state school employee Sproul paid in $160K to teachers' pension fund, could collect $3.03M in retirement

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Former state school employee Jan Sproul, who retired in January 2017, saved $160,487 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sproul would collect as much as $3.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Sproul received $63,760 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sproul will have already received $197,076 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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