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Kane County Reporter

Thursday, April 18, 2024

Former state school employee Martin paid in $135K to teachers' pension fund, could collect $3.08M in retirement

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Former state school employee Julie Martin, who retired in June 2018, saved $135,037 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Martin received $64,746 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $200,123 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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