Former state school employee Timmins paid in $79K to teachers' pension fund, could collect $1.58M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Jan Timmins, who retired in May 2018, saved $78,939 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Timmins would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Timmins received $33,253 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Timmins will have already received $102,783 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

East Alton School District 13

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate