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Carbondale Reporter

Saturday, November 23, 2024

Former state school employee Clark paid in $92K to teachers' pension fund, could collect $1.76M in retirement

Money 01

Former state school employee Peggy Clark, who retired in June 2017, saved $91,858 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Clark received $37,097 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clark will have already received $114,663 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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