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Peoria Standard

Monday, December 23, 2024

Former state school employee Konya paid in $21K to teachers' pension fund, could collect $986K in retirement

Money041

Former state school employee Connie Konya, who retired in April 2016, saved $21,484 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Konya would collect as much as $985,564, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Konya received $20,715 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Konya will have already received $42,051 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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