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Sangamon Sun

Friday, November 22, 2024

Former state school employee Struna paid in $250K to teachers' pension fund, could collect $5.97M in retirement

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Former state school employee Michael Struna, who retired in July 2017, saved $250,056 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Struna would collect as much as $5.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Struna received $125,574 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Struna will have already received $254,915 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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