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North Egypt News

Thursday, November 21, 2024

Former state school employee Wiley paid in $93K to teachers' pension fund, could collect $1.5M in retirement

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Former state school employee Debbie Wiley, who retired in May 2018, saved $93,062 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wiley would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Wiley received $31,458 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wiley will have already received $97,234 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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