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Sangamon Sun

Thursday, April 25, 2024

Former state school employee Corrigan paid in $37K to teachers' pension fund, could collect $626K in retirement

Money759

Former state school employee Karen Corrigan, who retired in September 2017, saved $36,551 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Corrigan would collect as much as $625,945, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Corrigan received $13,156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Corrigan will have already received $40,665 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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