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East Central Reporter

Friday, April 19, 2024

Former state school employee Thorlton paid in $103K to teachers' pension fund, could collect $2.13M in retirement

Money759

Former state school employee Paula Thorlton, who retired in May 2018, saved $102,675 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thorlton would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Thorlton received $44,730 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thorlton will have already received $138,256 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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