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Sangamon Sun

Tuesday, April 23, 2024

Former state school employee Chandler paid in $85K to teachers' pension fund, could collect $1.47M in retirement

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Former state school employee Sandra Chandler, who retired in June 2018, saved $85,434 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, Chandler would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Chandler received $30,855 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chandler will have already received $95,370 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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