Former state school employee Faith paid in $91K to teachers' pension fund, could collect $1.49M in retirement

By East Central Reporter Reports

May 1, 2016

Former state school employee Barbara Faith, who retired in April 2016, saved $90,513 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Faith would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Faith received $31,253 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Faith will have already received $96,601 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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