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Sangamon Sun

Monday, September 30, 2024

Former state school employee Brennan paid in $176K to teachers' pension fund, could collect $4.17M in retirement

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Former state school employee Patricia Brennan, who retired in June 2017, saved $176,490 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brennan would collect as much as $4.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brennan received $87,606 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Brennan will have already received $177,840 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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