Quantcast

Grundy Reporter

Friday, November 22, 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.

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