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North Egypt News

Saturday, November 23, 2024

Former state school employee Alvis paid in $37K to teachers' pension fund, could collect $545K in retirement

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Former state school employee Gregory Alvis, who retired in May 2016, saved $37,139 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Alvis would collect as much as $545,288, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Alvis received $11,461 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Alvis will have already received $47,949 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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