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Quincy Reporter

Thursday, April 18, 2024

Former state school employee Webster paid in $61K to teachers' pension fund, could collect $766K in retirement

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Former state school employee Janice Webster, who retired in December 2018, saved $60,675 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Webster would collect as much as $766,342, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Webster received $16,107 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Webster will have already received $67,386 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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