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Grundy Reporter

Tuesday, November 5, 2024

Former state school employee Lamping paid in $139K to teachers' pension fund, could collect $3.11M in retirement

Money 04

Former state school employee Peggy Lamping, who retired in May 2017, saved $139,358 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lamping would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Lamping received $65,321 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lamping will have already received $201,901 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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