Former state school employee Schaeffer paid in $80K to teachers' pension fund, could collect $1.06M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Sally Schaeffer, who retired in May 2018, saved $79,915 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schaeffer would collect as much as $1.06 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Schaeffer received $22,196 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Schaeffer will have already received $92,860 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Pearl City Community Unit School District 200

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