Former state school employee Rice paid in $140K to teachers' pension fund, could collect $3.6M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Judith Rice, who retired in May 2016, saved $140,200 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, Rice would collect as much as $3.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Rice received $75,750 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rice will have already received $153,773 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lincoln-Way Area Special Education District

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