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Quincy Reporter

Thursday, December 26, 2024

Former state school employee Baker paid in $13K to teachers' pension fund, could collect $186K in retirement

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Former state school employee Steven Baker, who retired in December 2016, saved $13,273 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Baker would collect as much as $186,229, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Baker received $3,914 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Baker will have already received $16,374 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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