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Will County Gazette

Monday, November 25, 2024

Former state school employee Ward paid in $174K to teachers' pension fund, could collect $3.44M in retirement

Money 05

Former state school employee Scott Ward, who retired in May 2016, saved $173,727 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ward would collect as much as $3.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Ward received $72,336 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ward will have already received $223,583 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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