Former state school employee Patrick paid in $161K to teachers' pension fund, could collect $4.16M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Brenda Patrick, who retired in July 2017, saved $160,541 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Patrick would collect as much as $4.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Patrick received $87,490 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Patrick will have already received $177,605 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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