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Sangamon Sun

Thursday, November 7, 2024

Former state school employee Menges paid in $89K to teachers' pension fund, could collect $1.41M in retirement

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Former state school employee Joan Menges, who retired in May 2018, saved $88,839 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Menges would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Menges received $29,651 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Menges will have already received $91,649 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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