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Sangamon Sun

Friday, November 22, 2024

Former state school employee Zager paid in $84K to teachers' pension fund, could collect $1.46M in retirement

Money 07

Former state school employee Regina Zager, who retired in September 2018, saved $83,830 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zager would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Zager received $30,767 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zager will have already received $95,098 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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