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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Gleysteen paid in $116K to teachers' pension fund, could collect $2.22M in retirement

Money 07

Former state school employee Linda Gleysteen, who retired in April 2016, saved $115,827 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gleysteen would collect as much as $2.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gleysteen received $46,754 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gleysteen will have already received $144,513 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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