Former state school employee Sherman paid in $15K to teachers' pension fund, could collect $285K in retirement

By East Central Reporter Reports

Feb 1, 2017

Former state school employee Glenn Sherman, who retired in January 2017, saved $15,239 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sherman would collect as much as $284,550, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Sherman received $5,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sherman will have already received $18,486 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Illinois State Board Of Education

!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