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Sangamon Sun

Monday, November 25, 2024

Former state school employee Owen paid in $152K to teachers' pension fund, could collect $3.43M in retirement

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Former state school employee Gail Owen, who retired in July 2016, saved $152,484 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Owen would collect as much as $3.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Owen received $72,165 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Owen will have already received $223,055 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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