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Rockford Sun

Monday, May 20, 2024

Former state school employee Junor paid in $3K to teachers' pension fund, could collect $57K in retirement

Money 07

Former state school employee Ned Junor, who retired in January 2016, saved $3,283 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Junor would collect as much as $56,559, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Junor received $1,188 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Junor will have already received $3,673 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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