Quantcast

Kane County Reporter

Monday, November 25, 2024

Former state school employee Jorgensen paid in $178K to teachers' pension fund, could collect $3.96M in retirement

Shutterstock 267646277

Former state school employee Jane Jorgensen, who retired in May 2016, saved $178,037 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, Jorgensen would collect as much as $3.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Jorgensen received $83,265 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jorgensen will have already received $257,364 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS