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Sangamon Sun

Friday, April 26, 2024

Former state school employee Menghini paid in $50K to teachers' pension fund, could collect $1.28M in retirement

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Former state school employee Laura Menghini, who retired in March 2016, saved $50,233 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Menghini would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Menghini received $26,847 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Menghini will have already received $54,499 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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