Quantcast

Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Engel paid in $19K to teachers' pension fund, could collect $780K in retirement

Shutterstock 225154648

Former state school employee Catherine Engel, who retired in July 2016, saved $18,618 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Engel would collect as much as $779,593, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Engel received $16,386 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Engel will have already received $33,264 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS