Former state school employee Smith paid in $138K to teachers' pension fund, could collect $3.16M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Patricia Smith, who retired in June 2018, saved $137,857 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, Smith would collect as much as $3.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Smith received $66,336 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $205,038 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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