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West Central Reporter

Saturday, November 23, 2024

Former state school employee Clayton paid in $94K to teachers' pension fund, could collect $1.63M in retirement

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Former state school employee Barbara Clayton, who retired in May 2016, saved $93,846 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clayton would collect as much as $1.63 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Clayton received $34,177 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clayton will have already received $105,637 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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