Quantcast

McHenry Times

Monday, November 25, 2024

Former state school employee Williams paid in $143K to teachers' pension fund, could collect $2.28M in retirement

Shutterstock 469426916

Former state school employee Paul Williams, who retired in November 2016, saved $143,039 toward a pension over 24 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 $2.28 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Williams received $47,842 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $147,874 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS