Former state school employee Patterson paid in $26K to teachers' pension fund, could collect $311K in retirement

By South West Illinois News Reports

Sep 1, 2018

Former state school employee Reginald Patterson, who retired in August 2018, saved $25,540 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Patterson would collect as much as $310,777, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Patterson received $6,532 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Patterson will have already received $27,328 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Illinois State Board Of Education

!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