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Illinois Valley Times

Thursday, December 26, 2024

Former state school employee Anderson paid in $120K to teachers' pension fund, could collect $3.05M in retirement

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Former state school employee Julie Anderson, who retired in May 2017, saved $119,734 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $3.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Anderson received $64,182 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Anderson will have already received $130,289 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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