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Kane County Reporter

Monday, November 25, 2024

Former state school employee Rowe paid in $151K to teachers' pension fund, could collect $3.11M in retirement

Money 03

Former state school employee Clarice Rowe, who retired in May 2017, saved $150,558 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rowe would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Rowe received $65,448 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rowe will have already received $202,292 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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