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Rockford Sun

Saturday, November 23, 2024

Former state school employee Blomgren paid in $3K to teachers' pension fund, could collect $82K in retirement

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Former state school employee Mardon Blomgren, who retired in June 2016, saved $3,478 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Blomgren would collect as much as $81,747, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Blomgren received $1,718 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Blomgren will have already received $3,488 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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