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Illinois Valley Times

Sunday, September 29, 2024

Former state school employee Berger paid in $71K to teachers' pension fund, could collect $945K in retirement

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Former state school employee Nancy Berger, who retired in May 2018, saved $70,502 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Berger would collect as much as $945,093, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Berger received $19,865 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Berger will have already received $83,108 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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