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Kane County Reporter

Tuesday, November 26, 2024

Former state school employee Templeton paid in $151K to teachers' pension fund, could collect $2.69M in retirement

Money 04

Former state school employee Jean Templeton, who retired in May 2016, saved $150,755 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Templeton would collect as much as $2.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Templeton received $56,571 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Templeton will have already received $174,855 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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