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Will County Gazette

Sunday, November 24, 2024

Former state school employee Myers paid in $147K to teachers' pension fund, could collect $3.49M in retirement

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Former state school employee Patricia Myers, who retired in May 2016, saved $147,154 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Myers would collect as much as $3.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Myers received $73,297 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Myers will have already received $148,793 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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