Former state school employee Wells paid in $30K to teachers' pension fund, could collect $1.16M in retirement

By Local Labs News Service

Sep 1, 2016

Former state school employee Teri Wells, who retired in August 2016, saved $29,855 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wells would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Wells received $24,358 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wells will have already received $49,447 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Rock Falls Elementary School District 13 Board

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