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Dupage Policy Journal

Monday, May 20, 2024

Former state school employee Dean paid in $15K to teachers' pension fund, could collect $254K in retirement

Money 02

Former state school employee Marilyn Dean, who retired in May 2016, saved $14,665 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dean would collect as much as $254,155, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Dean received $5,342 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dean will have already received $16,511 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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