Kankakee Times

Kankakee Times

Monday, December 9, 2019

Former state school employee Bailey paid in $8K to teachers' pension fund, could collect $236K in retirement

Schools

By Local Labs News Service | Jul 1, 2017

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Former state school employee Suzann Bailey, who retired in June 2017, saved $8,297 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bailey would collect as much as $235,789, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Bailey received $4,956 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bailey will have already received $10,061 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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