Quantcast

DeKalb Times

Friday, November 22, 2024

Former state school employee Burton paid in $136K to teachers' pension fund, could collect $3.15M in retirement

Shutterstock 113962678

Former state school employee Joanne Burton, who retired in May 2018, saved $136,197 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burton would collect as much as $3.15 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Burton received $66,122 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burton will have already received $204,377 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS