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Illinois Valley Times

Tuesday, November 19, 2024

Former state school employee Bogner paid in $48K to teachers' pension fund, could collect $949K in retirement

Money 04

Former state school employee Thomas Bogner, who retired in August 2017, saved $48,112 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bogner would collect as much as $948,832, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Bogner received $19,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bogner will have already received $61,641 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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