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DeKalb Times

Sunday, November 24, 2024

Former state school employee Burgess paid in $279K to teachers' pension fund, could collect $6.82M in retirement

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Former state school employee Joe Burgess, who retired in July 2017, saved $278,618 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burgess would collect as much as $6.82 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Burgess received $143,298 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Burgess will have already received $290,895 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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