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Kankakee Times

Friday, November 22, 2024

Former state school employee Butterfield paid in $142K to teachers' pension fund, could collect $3.08M in retirement

Money 04

Former state school employee Teresa Butterfield, who retired in May 2016, saved $141,804 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Butterfield would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Butterfield received $64,661 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Butterfield will have already received $199,861 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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