Former state school employee Larson paid in $124K to teachers' pension fund, could collect $2.67M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Joyce Larson, who retired in June 2016, saved $124,168 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Larson would collect as much as $2.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Larson received $56,044 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Larson will have already received $173,226 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Summit Hill School District 161

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