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Kankakee Times

Saturday, November 23, 2024

Former state school employee Moore paid in $118K to teachers' pension fund, could collect $2.16M in retirement

Money 07

Former state school employee Sherry Moore, who retired in June 2016, saved $117,930 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Moore would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Moore received $45,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Moore will have already received $140,399 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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