Former state school employee King paid in $169K to teachers' pension fund, could collect $2.02M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Bernard King, who retired in June 2016, saved $168,565 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, King would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes King received $42,531 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, King will have already received $177,934 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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