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Sangamon Sun

Sunday, May 5, 2024

Former state school employee Kinsel paid in $47K to teachers' pension fund, could collect $622K in retirement

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Former state school employee Norma Kinsel, who retired in May 2017, saved $47,383 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kinsel would collect as much as $621,955, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kinsel received $13,073 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kinsel will have already received $54,692 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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