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Illinois Valley Times

Sunday, September 29, 2024

Former state school employee Windy paid in $130K to teachers' pension fund, could collect $2.38M in retirement

Money 03

Former state school employee Karen Windy, who retired in May 2018, saved $130,314 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, Windy would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Windy received $49,946 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Windy will have already received $154,377 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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