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McHenry Times

Friday, April 19, 2024

Former state school employee Williams paid in $62K to teachers' pension fund, could collect $1.71M in retirement

Money 05

Former state school employee Robert Williams, who retired in April 2016, saved $61,585 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Williams received $35,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Williams will have already received $72,891 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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