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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Martinez paid in $132K to teachers' pension fund, could collect $2.66M in retirement

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Former state school employee Itsuko Martinez, who retired in May 2016, saved $132,067 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Martinez would collect as much as $2.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Martinez received $55,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martinez will have already received $172,509 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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