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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Montgomery paid in $44K to teachers' pension fund, could collect $1.42M in retirement

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Former state school employee Gwen Montgomery, who retired in June 2016, saved $43,975 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Montgomery would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Montgomery received $29,863 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Montgomery will have already received $60,622 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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