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Sangamon Sun

Monday, November 25, 2024

Former state school employee Tindell paid in $11K to teachers' pension fund, could collect $357K in retirement

Money 06

Former state school employee Daniel Tindell, who retired in January 2017, saved $10,926 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tindell would collect as much as $357,038, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Tindell received $7,504 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tindell will have already received $15,233 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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