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West Central Reporter

Tuesday, November 5, 2024

Former state school employee Havens paid in $86K to teachers' pension fund, could collect $1.8M in retirement

Money 04

Former state school employee Mary Havens, who retired in May 2016, saved $85,748 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Havens would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Havens received $37,821 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Havens will have already received $116,902 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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