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Kane County Reporter

Thursday, April 25, 2024

Former state school employee Johnston paid in $11K to teachers' pension fund, could collect $600K in retirement

Money 04

Former state school employee Nancy Johnston, who retired in February 2017, saved $10,928 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnston would collect as much as $599,610, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Johnston received $12,603 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Johnston will have already received $12,603 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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