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Kane County Reporter

Friday, September 20, 2024

Former state school employee Johnsen paid in $119K to teachers' pension fund, could collect $3.18M in retirement

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Former state school employee Karen Johnsen, who retired in June 2017, saved $118,685 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnsen would collect as much as $3.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Johnsen received $66,776 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnsen will have already received $135,555 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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