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East Central Reporter

Saturday, April 20, 2024

Former state school employee Sappington paid in $133K to teachers' pension fund, could collect $2.7M in retirement

Money041

Former state school employee Charles Sappington, who retired in June 2017, saved $133,009 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, Sappington would collect as much as $2.7 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Sappington received $56,835 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sappington will have already received $175,671 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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