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Former state school employee Pond Pater paid in $119K to teachers' pension fund, could collect $2.31M in retirement

Schools

By Local Labs News Service | Sep 1, 2016

Money 06

Former state school employee Mary Pond Pater, who retired in August 2016, saved $119,248 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pond Pater would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Pond Pater received $48,572 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pond Pater will have already received $150,131 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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