Sangamon Sun

Sangamon Sun

Tuesday, October 15, 2019

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

Schools

By Local Labs News Service | Aug 1, 2016


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.

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South Beloit Community Unified School District 320

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