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Kane County Reporter

Wednesday, April 24, 2024

Former state school employee Johnson paid in $201K to teachers' pension fund, could collect $3.43M in retirement

Money 02

Former state school employee Deborah Johnson, who retired in May 2018, saved $201,117 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, Johnson would collect as much as $3.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Johnson received $72,111 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $222,887 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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