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Sangamon Sun

Monday, December 23, 2024

Former state school employee Jorgensen paid in $115K to teachers' pension fund, could collect $1.95M in retirement

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Former state school employee Betty Jorgensen, who retired in February 2017, saved $115,059 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, Jorgensen would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jorgensen received $41,041 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jorgensen will have already received $126,853 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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