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Kankakee Times

Saturday, November 23, 2024

Former state school employee Fryer paid in $133K to teachers' pension fund, could collect $2.58M in retirement

Money 07

Former state school employee Lorraine Fryer, who retired in June 2018, saved $133,464 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fryer would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Fryer received $54,305 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fryer will have already received $167,851 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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