Quantcast

Dupage Policy Journal

Monday, November 25, 2024

Former state school employee Barnes paid in $125K to teachers' pension fund, could collect $3.72M in retirement

Shutterstock 267646277

Former state school employee Beverly Barnes, who retired in May 2017, saved $125,027 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Barnes would collect as much as $3.72 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Barnes received $78,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Barnes will have already received $158,714 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS