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Sangamon Sun

Tuesday, April 16, 2024

Former state school employee Card paid in $147K to teachers' pension fund, could collect $2.86M in retirement

Money 01

Former state school employee Thomas Card, who retired in June 2016, saved $146,975 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Card would collect as much as $2.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Card received $60,044 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Card will have already received $185,589 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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