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McLean County Times

Monday, November 25, 2024

Former state school employee Jarvis paid in $91K to teachers' pension fund, could collect $2.13M in retirement

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Former state school employee Joan Jarvis, who retired in May 2016, saved $90,668 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jarvis would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Jarvis received $44,711 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jarvis will have already received $90,763 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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