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Metro East Sun

Friday, April 26, 2024

Former state school employee Miller paid in $45K to teachers' pension fund, could collect $1.05M in retirement

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Former state school employee Nichole Miller, who retired in December 2017, saved $45,305 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Miller received $22,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $68,222 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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