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Quincy Reporter

Monday, December 23, 2024

Former state school employee Flachs paid in $107K to teachers' pension fund, could collect $2.03M in retirement

Money 08

Former state school employee Lowell Flachs, who retired in May 2018, saved $106,915 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Flachs would collect as much as $2.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Flachs received $42,566 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Flachs will have already received $131,567 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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