Quantcast

Quincy Reporter

Tuesday, November 5, 2024

Former state school employee Way paid in $107K to teachers' pension fund, could collect $1.87M in retirement

Shutterstock 381111379

Former state school employee Luan Way, who retired in December 2016, saved $106,543 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, Way would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Way received $39,212 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Way will have already received $121,200 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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