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East Central Reporter

Monday, May 20, 2024

Former state school employee Cekander paid in $89K to teachers' pension fund, could collect $1.82M in retirement

Money 04

Former state school employee Rachelle Cekander, who retired in May 2017, saved $88,520 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cekander would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Cekander received $38,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cekander will have already received $118,529 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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