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McLean County Times

Monday, November 25, 2024

Former state school employee Goodwin paid in $50K to teachers' pension fund, could collect $919K in retirement

Money 07

Former state school employee Elizabeth Goodwin, who retired in June 2016, saved $49,937 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Goodwin would collect as much as $918,603, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Goodwin received $19,308 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goodwin will have already received $59,679 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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