Former state school employee Martin paid in $71K to teachers' pension fund, could collect $1.66M in retirement

By Local Labs News Service

Dec 1, 2016

Former state school employee Cheryl Martin, who retired in November 2016, saved $70,664 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, Martin would collect as much as $1.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Martin received $34,804 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $107,575 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Public School District 86

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