Former state school employee Seibert paid in $113K to teachers' pension fund, could collect $2.84M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Janet Seibert, who retired in May 2016, saved $113,413 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Seibert would collect as much as $2.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Seibert received $59,596 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Seibert will have already received $120,980 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Wilmington Community Unit School District 209u

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