Quantcast

Rockford Sun

Tuesday, December 24, 2024

Former state school employee Cunningham paid in $124K to teachers' pension fund, could collect $1.94M in retirement

Shutterstock 267646277

Former state school employee Judy Cunningham, who retired in May 2017, saved $124,073 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cunningham would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Cunningham received $40,867 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cunningham will have already received $126,316 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