Quantcast

Dupage Policy Journal

Tuesday, April 23, 2024

Former state school employee Nelson paid in $20K to teachers' pension fund, could collect $288K in retirement

Shutterstock 369740408

Former state school employee Joellen Nelson, who retired in September 2016, saved $20,495 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $288,295, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Nelson received $6,059 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Nelson will have already received $25,349 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS