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Kankakee Times

Friday, November 22, 2024

Former state school employee Thompson paid in $141K to teachers' pension fund, could collect $3.22M in retirement

Money 05

Former state school employee William Thompson, who retired in May 2016, saved $141,226 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thompson would collect as much as $3.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Thompson received $67,593 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $208,924 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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