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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Gross paid in $58K to teachers' pension fund, could collect $822K in retirement

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Former state school employee Jean Gross, who retired in June 2016, saved $57,513 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gross would collect as much as $822,303, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gross received $17,284 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gross will have already received $72,311 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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