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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Ernat paid in $50K to teachers' pension fund, could collect $672K in retirement

Money 02

Former state school employee Debra Ernat, who retired in June 2018, saved $50,258 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ernat would collect as much as $672,303, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ernat received $14,131 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ernat will have already received $59,120 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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