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Sangamon Sun

Friday, November 22, 2024

Former state school employee Rinker paid in $132K to teachers' pension fund, could collect $2.9M in retirement

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Former state school employee Janet Rinker, who retired in December 2018, saved $131,532 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rinker would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rinker received $60,984 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rinker will have already received $188,496 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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