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Sangamon Sun

Friday, April 19, 2024

Former state school employee Becker paid in $69K to teachers' pension fund, could collect $1.61M in retirement

Money 06

Former state school employee Karen Becker, who retired in December 2016, saved $68,896 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Becker would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Becker received $33,856 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Becker will have already received $104,646 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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