Former state school employee Johnson paid in $109K to teachers' pension fund, could collect $1.98M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Douglas Johnson, who retired in May 2016, saved $108,625 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.98 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Johnson received $41,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $128,767 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Eastland Community Unit School District 308

!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