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Sangamon Sun

Thursday, November 7, 2024

Former state school employee Breeden paid in $128K to teachers' pension fund, could collect $2.6M in retirement

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Former state school employee Mary Breeden, who retired in May 2018, saved $127,612 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Breeden would collect as much as $2.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Breeden received $54,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Breeden will have already received $168,874 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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