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DeKalb Times

Sunday, November 17, 2024

Former state school employee Owen paid in $112K to teachers' pension fund, could collect $1.9M in retirement

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Former state school employee Cathleen Owen, who retired in June 2018, saved $112,220 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Owen would collect as much as $1.9 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Owen received $39,905 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Owen will have already received $123,342 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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