Quantcast

Rockford Sun

Tuesday, December 24, 2024

Former state school employee Stewart paid in $140K to teachers' pension fund, could collect $2.96M in retirement

Money 06

Former state school employee Joann Stewart, who retired in May 2017, saved $139,924 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Stewart would collect as much as $2.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Stewart received $62,115 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stewart will have already received $191,990 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS