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Peoria Standard

Tuesday, November 26, 2024

Former state school employee Rudin paid in $173K to teachers' pension fund, could collect $3.77M in retirement

Money759

Former state school employee Lynn Rudin, who retired in May 2018, saved $173,297 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, Rudin would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Rudin received $79,287 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rudin will have already received $245,069 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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