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Rockford Sun

Wednesday, December 25, 2024

Former state school employee Gallagher paid in $163K to teachers' pension fund, could collect $2.68M in retirement

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Former state school employee Julia Gallagher, who retired in May 2017, saved $162,752 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gallagher would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Gallagher received $56,271 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gallagher will have already received $173,928 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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