Former state school employee Steele paid in $100K to teachers' pension fund, could collect $2.28M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Pamela Steele, who retired in May 2017, saved $100,158 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, Steele would collect as much as $2.28 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Steele received $47,897 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Steele will have already received $148,045 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Oregon Community Unit School District 220

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