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Sangamon Sun

Saturday, May 4, 2024

Former state school employee Handy paid in $106K to teachers' pension fund, could collect $2.17M in retirement

Money 01

Former state school employee Kathy Handy, who retired in May 2017, saved $105,857 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Handy would collect as much as $2.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Handy received $45,571 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Handy will have already received $140,855 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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