Quantcast

McLean County Times

Tuesday, November 26, 2024

Former state school employee Reis paid in $24K to teachers' pension fund, could collect $985K in retirement

Money041

Former state school employee Jeannine Reis, who retired in April 2016, saved $23,615 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reis would collect as much as $985,199, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Reis received $20,708 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Reis will have already received $42,037 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS