East Central Reporter

East Central Reporter

Friday, December 6, 2019

Former state school employee Jones paid in $100K to teachers' pension fund, could collect $1.99M in retirement

Schools

By East Central Reporter Reports | Jun 1, 2018

Money 03

Former state school employee Cathy Jones, who retired in May 2018, saved $99,576 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Jones received $41,904 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $129,521 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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