Former state school employee Johnson paid in $103K to teachers' pension fund, could collect $1.97M in retirement

By South West Illinois News Reports

Jun 1, 2016

Former state school employee Robert Johnson, who retired in May 2016, saved $103,036 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Johnson received $41,467 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $128,170 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate