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Dupage Policy Journal

Monday, November 25, 2024

Former state school employee Harrington paid in $138K to teachers' pension fund, could collect $3.29M in retirement

Money041

Former state school employee Janice Harrington, who retired in May 2017, saved $137,720 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harrington would collect as much as $3.29 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Harrington received $69,192 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Harrington will have already received $140,460 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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