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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Martin paid in $135K to teachers' pension fund, could collect $3M in retirement

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Former state school employee Kathleen Martin, who retired in June 2016, saved $134,724 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $3 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Martin received $62,968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $194,628 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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