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Grundy Reporter

Saturday, June 7, 2025

Former state school employee Anderson paid in $76K to teachers' pension fund, could collect $1.28M in retirement

Money272

Former state school employee Carol Anderson, who retired in May 2016, saved $76,079 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Anderson received $26,994 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $83,436 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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