Sycamore Taxpayer

Benefits (retirement/health insurance) increases Sycamore’s total average teacher compensation by about 33 percent ($23,471 to $94,608) for nine months work. Calculated from Sycamore School District Five Year Forecast line 3.020.
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3 Highest Paid Years Average
$89,617 (Sycamore’s top teacher salary in 2009-2010 school year)

Yearly Pension Estimate
$ 59,147.22

Lifetime Pension Liability Estimate
$1,336,135.70

3-Year Employer Pension Salary Match
$37,639.14

Pro-Rated Pay Based on 2,080 Hour Work Year
$138,076.56

Social Security Maximum Yearly Payout
$28,152.00

 The lifetime pension estimate assumes a retirement of 18 years based on the most recent actuarial life expectancy tables for a 60 year old.

Teachers can retiree with their full pension after 30 years of service; so many teachers will retire for longer than 18 years which would drive the lifetime pension liability even higher. This estimate does not include the significantly subsidized health care provided to retired teachers.

The pro-rated pay represents what the teachers would make for working a typical 2,080 hour job based on the hourly rate made for working the roughly 1,350 hours required in a 185 school year.

The Social Security Maximum Yearly Payout represents the maximum amount an individual could collect in one year in Social Security benefits no matter how much you pay into the system. Depending on your date of birth, you must be at least 65 years of age.

Source: Buckeye Institute’s Pension Calculator.