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Kankakee Times

Friday, April 19, 2024

Former state school employee Lewis paid in $5K to teachers' pension fund, could collect $141K in retirement

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Former state school employee Evelyn Lewis, who retired in June 2018, saved $5,146 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lewis would collect as much as $140,870, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Lewis received $2,961 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lewis will have already received $6,011 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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