Former state school employee Holloway paid in $29K to teachers' pension fund, could collect $923K in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Billie Holloway, who retired in December 2016, saved $28,612 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Holloway would collect as much as $923,370, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Holloway received $19,408 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Holloway will have already received $39,398 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Schaumburg School District 54

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