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Sangamon Sun

Monday, November 25, 2024

Former state school employee Duffy paid in $3K to teachers' pension fund, could collect $46K in retirement

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Former state school employee Rita Duffy, who retired in November 2017, saved $2,577 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Duffy would collect as much as $46,083, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Duffy received $968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Duffy will have already received $2,992 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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