Former state school employee Peterson paid in $86K to teachers' pension fund, could collect $1.24M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Margaret Peterson, who retired in May 2016, saved $85,644 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Peterson would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Peterson received $26,102 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Peterson will have already received $109,202 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elgin Area School District U46

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