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Rockford Sun

Friday, April 26, 2024

Former state school employee Lang paid in $119K to teachers' pension fund, could collect $2.86M in retirement

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Former state school employee Jane Lang, who retired in December 2018, saved $118,916 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, Lang would collect as much as $2.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Lang received $60,102 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lang will have already received $122,007 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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