Former state school employee Stephens paid in $118K to teachers' pension fund, could collect $3M in retirement

By East Central Reporter Reports

Jun 1, 2016

Former state school employee Janet Stephens, who retired in May 2016, saved $117,544 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Stephens would collect as much as $3 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Stephens received $63,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stephens will have already received $128,168 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Mattoon Community Unit School District 2

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