Quantcast

Rockford Sun

Saturday, November 23, 2024

Former state school employee Lynch paid in $85K to teachers' pension fund, could collect $1.41M in retirement

Shutterstock 381111379

Former state school employee Kevin Lynch, who retired in June 2016, saved $85,473 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lynch would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Lynch received $29,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lynch will have already received $91,343 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