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Carbondale Reporter

Sunday, November 24, 2024

Former state school employee Yeck paid in $121K to teachers' pension fund, could collect $2.77M in retirement

Money041

Former state school employee Mary Yeck, who retired in May 2016, saved $120,931 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Yeck would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Yeck received $58,199 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Yeck will have already received $179,887 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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