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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Kline paid in $130K to teachers' pension fund, could collect $1.95M in retirement

Money 03

Former state school employee Lesa Kline, who retired in August 2017, saved $129,826 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kline 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 Kline received $40,890 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kline will have already received $171,070 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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