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DeKalb Times

Tuesday, November 26, 2024

Former state school employee Larson paid in $63K to teachers' pension fund, could collect $1.32M in retirement

Money 01

Former state school employee Michelle Larson, who retired in September 2016, saved $62,671 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, Larson would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Larson received $27,717 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Larson will have already received $85,671 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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