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Kane County Reporter

Monday, November 25, 2024

Former state school employee Gonzalez paid in $230K to teachers' pension fund, could collect $2.81M in retirement

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Former state school employee Barbara Gonzalez, who retired in May 2016, saved $229,744 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gonzalez would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Gonzalez received $59,077 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gonzalez will have already received $247,154 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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