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Rockford Sun

Tuesday, December 24, 2024

Former state school employee Mann paid in $146K to teachers' pension fund, could collect $2.27M in retirement

Money 04

Former state school employee Margaret Mann, who retired in May 2017, saved $146,293 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mann would collect as much as $2.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Mann received $47,674 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mann will have already received $147,355 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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