Quantcast

Dupage Policy Journal

Saturday, April 20, 2024

Former state school employee Patterson paid in $15K to teachers' pension fund, could collect $644K in retirement

Money041

Former state school employee Karen Patterson, who retired in March 2016, saved $15,084 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, Patterson would collect as much as $643,872, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Patterson received $13,533 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Patterson will have already received $27,472 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS