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Dupage Policy Journal

Monday, November 25, 2024

Former state school employee Awe paid in $123K to teachers' pension fund, could collect $2.02M in retirement

Money 03

Former state school employee Nanette Awe, who retired in May 2017, saved $122,951 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Awe would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Awe received $42,468 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Awe will have already received $131,264 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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