Former state school employee Shanafelt paid in $116K to teachers' pension fund, could collect $2.06M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Terry Shanafelt, who retired in May 2016, saved $116,020 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, Shanafelt would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Shanafelt received $43,311 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shanafelt will have already received $133,869 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Belleville School District 118

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