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South West Illinois News

Tuesday, November 26, 2024

Former state school employee Bigham paid in $119K to teachers' pension fund, could collect $2.23M in retirement

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Former state school employee Nancy Bigham, who retired in May 2016, saved $118,862 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, Bigham would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Bigham received $46,789 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bigham will have already received $144,621 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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