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Sangamon Sun

Monday, November 25, 2024

Former state school employee Runge paid in $65K to teachers' pension fund, could collect $886K in retirement

Money 01

Former state school employee Robin Runge, who retired in July 2016, saved $65,217 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Runge would collect as much as $886,295, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Runge received $18,629 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Runge will have already received $77,938 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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