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Peoria Standard

Tuesday, November 5, 2024

Former state school employee Andersen paid in $16K to teachers' pension fund, could collect $137K in retirement

Money 08

Former state school employee Ellen Andersen, who retired in July 2017, saved $15,807 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andersen would collect as much as $136,531, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Andersen received $2,869 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Andersen will have already received $18,558 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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