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Rockford Sun

Friday, November 22, 2024

Former state school employee Brandenburg paid in $11K to teachers' pension fund, could collect $543K in retirement

Money 06

Former state school employee Sue Brandenburg, who retired in December 2016, saved $10,565 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brandenburg would collect as much as $543,181, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Brandenburg received $11,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Brandenburg will have already received $11,417 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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