Quantcast

DeKalb Times

Monday, November 18, 2024

Former state school employee Sanchez paid in $18K to teachers' pension fund, could collect $553K in retirement

Shutterstock 113962678

Former state school employee Gilbert Sanchez, who retired in March 2018, saved $17,997 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sanchez would collect as much as $552,556, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Sanchez received $11,614 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sanchez will have already received $23,576 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS