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Dupage Policy Journal

Tuesday, November 19, 2024

Former state school employee Lincoln paid in $94K to teachers' pension fund, could collect $1.86M in retirement

Money 03

Former state school employee Diane Lincoln, who retired in October 2017, saved $93,555 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, Lincoln would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Lincoln received $39,178 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lincoln will have already received $121,095 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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