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Will County Gazette

Saturday, November 23, 2024

Former state school employee Swayne paid in $62K to teachers' pension fund, could collect $930K in retirement

Money759

Former state school employee Laura Swayne, who retired in June 2016, saved $62,445 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swayne would collect as much as $929,992, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Swayne received $19,547 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Swayne will have already received $81,776 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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