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Kendall County Times

Wednesday, November 27, 2024

Former state school employee Mitchell paid in $50K to teachers' pension fund, could collect $841K in retirement

Money 03

Former state school employee Sheryl Mitchell, who retired in September 2017, saved $49,905 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $840,566, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Mitchell received $17,668 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitchell will have already received $54,610 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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