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Quincy Reporter

Monday, November 25, 2024

Former state school employee Schmidt paid in $124K to teachers' pension fund, could collect $1.67M in retirement

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Former state school employee Christine Schmidt, who retired in May 2016, saved $124,186 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schmidt would collect as much as $1.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Schmidt received $35,125 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Schmidt will have already received $146,950 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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