Quantcast

Kane County Reporter

Saturday, May 18, 2024

Former state school employee Koch paid in $120K to teachers' pension fund, could collect $2.16M in retirement

Shutterstock 381111379

Former state school employee Linda Koch, who retired in June 2018, saved $119,647 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Koch would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Koch received $45,500 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Koch will have already received $140,636 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