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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Schoenherr paid in $62K to teachers' pension fund, could collect $999K in retirement

Money 07

Former state school employee Diana Schoenherr, who retired in June 2016, saved $61,571 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schoenherr would collect as much as $999,135, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schoenherr received $21,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schoenherr will have already received $64,912 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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