Quantcast

Sangamon Sun

Saturday, September 21, 2024

Former state school employee Foley paid in $69K to teachers' pension fund, could collect $1.07M in retirement

Money 03

Former state school employee Kathleen Foley, who retired in June 2016, saved $69,396 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Foley would collect as much as $1.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Foley received $22,427 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Foley will have already received $93,827 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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