Quantcast

Dupage Policy Journal

Tuesday, April 16, 2024

Former state school employee Pancoast paid in $222K to teachers' pension fund, could collect $4.22M in retirement

Shutterstock 443523112

Former state school employee Diane Pancoast, who retired in May 2017, saved $221,964 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pancoast would collect as much as $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Pancoast received $88,768 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pancoast will have already received $274,373 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS