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DeKalb Times

Sunday, November 17, 2024

Former state school employee Cress paid in $139K to teachers' pension fund, could collect $2.78M in retirement

Money759

Former state school employee Ellen Cress, who retired in June 2018, saved $138,864 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cress would collect as much as $2.78 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Cress received $58,421 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cress will have already received $180,574 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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