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Will County Gazette

Saturday, November 23, 2024

Former state school employee Abney paid in $160K to teachers' pension fund, could collect $3.3M in retirement

Money 04

Former state school employee Barbara Abney, who retired in June 2016, saved $159,838 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Abney would collect as much as $3.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Abney received $69,433 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Abney will have already received $214,610 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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