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Kankakee Times

Friday, April 26, 2024

Former state school employee Long paid in $137K to teachers' pension fund, could collect $2.03M in retirement

Money759

Former state school employee Robert Long, who retired in June 2018, saved $137,000 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Long would collect as much as $2.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Long received $42,765 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Long will have already received $178,912 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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