Grundy Reporter

Grundy Reporter

Friday, November 15, 2019

Former state school employee Wise paid in $26K to teachers' pension fund, could collect $339K in retirement

Schools

By Local Labs News Service | Jun 1, 2018

Money 07

Former state school employee Terry Wise, who retired in May 2018, saved $25,837 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wise would collect as much as $338,860, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Wise received $7,122 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wise will have already received $29,797 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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