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South Cook News

Sunday, November 10, 2024

Former state school employee Jaynes paid in $42K to teachers' pension fund, could collect $328K in retirement

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Former state school employee Curtis Jaynes, who retired in January 2017, saved $41,867 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jaynes would collect as much as $328,047, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Jaynes received $6,895 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Jaynes will have already received $44,599 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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