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Kane County Reporter

Monday, November 25, 2024

Former state school employee North paid in $98K to teachers' pension fund, could collect $1.52M in retirement

Money041

Former state school employee Karen North, who retired in May 2016, saved $97,808 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, North would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes North received $31,868 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, North will have already received $98,501 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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