Former state school employee Sawvel Schilling paid in $77K to teachers' pension fund, could collect $1.25M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Cherie Sawvel Schilling, who retired in July 2017, saved $77,206 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sawvel Schilling would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Sawvel Schilling received $26,173 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sawvel Schilling will have already received $80,898 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Galena Unit School District 120

!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