Dupage Policy Journal

Dupage Policy Journal

Tuesday, October 22, 2019

Downers Grove GSD 58 Krone paid in $7K to teachers pension fund, could collect $200K in retirement


By Local Labs News Service | Oct 16, 2018

Retired Downers Grove GSD 58 employee Suzette Krone saved $7,415 toward her pension over 6 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.

Over 33 years of retirement, Krone would collect as much as $237,000, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

Krone, 62, who currently lives in Livonia, MI, earned $20,756 in her final year at Downers Grove GSD 58.

The projection assumes Krone will receive 19.3 percent of that total - $4,012 - in her first year of retirement, then 3 percent annual increases thereafter, compounded.

After three years of retirement, Krone will have already received $12,401 in retirement benefits, or more than the sum total of her contributions to the state teachers' pension fund.

According to the Illinois State Board of Education (ISBE), 38.7 percent of Downers Grove GSD 58 students met or exceeded the standards for the "PARCC" exams.

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Downers Grove Grade School District 58

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