Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state school employee Redpath paid in $117K to teachers' pension fund, could collect $2.01M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money836

Former state school employee Patricia Redpath, who retired in June 2018, saved $117,301 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Redpath would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Redpath received $42,234 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Redpath will have already received $130,541 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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