Quantcast

DeKalb Times

Friday, November 22, 2024

Former state school employee Byers paid in $170K to teachers' pension fund, could collect $3.77M in retirement

Shutterstock 381111379

Former state school employee Diane Byers, who retired in May 2017, saved $169,717 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Byers would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Byers received $79,252 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Byers will have already received $244,961 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS