Former state school employee Smith paid in $41K to teachers' pension fund, could collect $726K in retirement

By Local Labs News Service

Sep 1, 2017

Former state school employee Cheryl Smith, who retired in August 2017, saved $40,858 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $725,711, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Smith received $15,253 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $47,146 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Freeport School District 145 Board

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