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Former state school employee Anderson paid in $11K to teachers' pension fund, could collect $544K in retirement

Schools

By Local Labs News Service | Jun 1, 2017

Money 08

Former state school employee Karen Anderson, who retired in May 2017, saved $10,709 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, Anderson would collect as much as $544,472, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Anderson received $11,444 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Anderson will have already received $11,444 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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