Former state school employee Barnes paid in $91K to teachers' pension fund, could collect $1.7M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Cathy Barnes, who retired in June 2016, saved $91,087 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Barnes would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Barnes received $35,821 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barnes will have already received $110,720 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Grant Community Consolidated School District 110 Board

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