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Sangamon Sun

Friday, April 19, 2024

Former state school employee Pratt paid in $53K to teachers' pension fund, could collect $817K in retirement

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Former state school employee Kathleen Pratt, who retired in June 2018, saved $52,934 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pratt would collect as much as $816,571, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pratt received $17,163 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pratt will have already received $53,049 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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