McHenry Times

McHenry Times

Tuesday, November 19, 2019

Former state school employee Butler paid in $51K to teachers' pension fund, could collect $857K in retirement


By Local Labs News Service | Feb 1, 2016

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Former state school employee Elizabeth Butler, who retired in January 2016, saved $51,258 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Butler would collect as much as $857,430, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Butler received $18,022 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Butler will have already received $55,705 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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