Quantcast

Kane County Reporter

Monday, November 25, 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.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS