Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state school employee Andrews paid in $155K to teachers' pension fund, could collect $2.72M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money041

Former state school employee Jeanette Andrews, who retired in June 2018, saved $155,243 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andrews would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Andrews received $57,195 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andrews will have already received $176,784 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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