Former state school employee Shipman paid in $110K to teachers' pension fund, could collect $2.21M in retirement

By Local Labs News Service

Nov 1, 2016

Former state school employee Elizabeth Shipman, who retired in October 2016, saved $109,984 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shipman would collect as much as $2.21 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Shipman received $46,418 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shipman will have already received $143,474 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Polo Community Unit School District 222

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