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West Central Reporter

Monday, November 25, 2024

Former state school employee Snodgrass paid in $72K to teachers' pension fund, could collect $956K in retirement

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Former state school employee Alice Snodgrass, who retired in May 2017, saved $72,362 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Snodgrass would collect as much as $956,305, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Snodgrass received $20,100 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Snodgrass will have already received $84,091 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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