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West Central Reporter

Saturday, November 23, 2024

Former state school employee Artman paid in $77K to teachers' pension fund, could collect $1.14M in retirement

Money 06

Former state school employee David Artman, who retired in May 2016, saved $77,269 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Artman would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Artman received $23,878 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Artman will have already received $99,896 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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