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Sangamon Sun

Wednesday, November 13, 2024

Former state school employee France paid in $89K to teachers' pension fund, could collect $1.79M in retirement

Money 05

Former state school employee Kristy France, who retired in May 2018, saved $89,488 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, France would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes France received $37,623 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, France will have already received $116,290 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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