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Kane County Reporter

Sunday, September 29, 2024

Former state school employee Tierney paid in $59K to teachers' pension fund, could collect $914K in retirement

Money041

Former state school employee Joann Tierney, who retired in May 2016, saved $59,308 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tierney would collect as much as $913,573, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Tierney received $19,202 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tierney will have already received $59,351 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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