Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state school employee Kotner paid in $156K to teachers' pension fund, could collect $3.07M in retirement


By Local Labs News Service | Jul 1, 2018

Money 06

Former state school employee Gale Kotner, who retired in June 2018, saved $155,884 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kotner would collect as much as $3.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kotner received $64,611 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kotner will have already received $199,705 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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