Former state school employee Phelps paid in $5K to teachers' pension fund, could collect $125K in retirement

By Local Labs News Service

Sep 1, 2017

Former state school employee Barbara Phelps, who retired in August 2017, saved $4,668 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, Phelps would collect as much as $124,862, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Phelps received $2,624 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Phelps will have already received $5,327 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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