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Grundy Reporter

Tuesday, December 24, 2024

Former state school employee Paulson paid in $87K to teachers' pension fund, could collect $1.24M in retirement

Money272

Former state school employee Susan Paulson, who retired in May 2016, saved $86,846 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Paulson would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Paulson received $26,005 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Paulson will have already received $108,796 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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