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Sangamon Sun

Friday, November 22, 2024

Former state school employee Nagel paid in $85K to teachers' pension fund, could collect $1.3M in retirement

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Former state school employee Christine Nagel, who retired in May 2016, saved $85,131 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nagel would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Nagel received $27,397 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Nagel will have already received $114,620 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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