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DeKalb Times

Monday, December 23, 2024

Former state school employee Frank paid in $57K to teachers' pension fund, could collect $856K in retirement

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Former state school employee Karen Frank, who retired in November 2017, saved $56,923 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Frank would collect as much as $855,826, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Frank received $17,988 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Frank will have already received $75,257 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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