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Rockford Sun

Wednesday, December 25, 2024

Former state school employee Janssen paid in $95K to teachers' pension fund, could collect $1.57M in retirement

Money 05

Former state school employee Kelly Janssen, who retired in May 2017, saved $94,766 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Janssen would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Janssen received $32,934 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Janssen will have already received $101,796 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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