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DeKalb Times

Monday, April 29, 2024

Former state school employee Stevens paid in $130K to teachers' pension fund, could collect $3.42M in retirement

Money 02

Former state school employee Rita Stevens, who retired in May 2016, saved $129,970 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, Stevens would collect as much as $3.42 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Stevens received $71,965 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stevens will have already received $146,089 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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