Quantcast

East Central Reporter

Sunday, May 19, 2024

Former state school employee Probst paid in $128K to teachers' pension fund, could collect $2.53M in retirement

Money 01

Former state school employee Kent Probst, who retired in May 2017, saved $128,187 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Probst would collect as much as $2.53 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Probst received $53,261 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Probst will have already received $164,625 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!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

MORE NEWS