Metro East Sun

Metro East Sun

Wednesday, February 19, 2020

Former state school employee Jones paid in $151K to teachers' pension fund, could collect $2.79M in retirement

Schools

By Local Labs News Service | Jan 1, 2017

Money 08

Former state school employee Vickie Jones, who retired in December 2016, saved $150,624 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $2.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Jones received $58,733 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $181,538 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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