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South West Illinois News

Thursday, December 26, 2024

Former state school employee Goodman paid in $162K to teachers' pension fund, could collect $3.02M in retirement

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Former state school employee Floyd Goodman, who retired in July 2017, saved $162,022 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Goodman would collect as much as $3.02 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Goodman received $63,559 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goodman will have already received $196,455 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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