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East Central Reporter

Thursday, December 26, 2024

Former state school employee Keating paid in $2K to teachers' pension fund, could collect $180K in retirement

Money 06

Former state school employee Dana Keating, who retired in May 2016, saved $1,525 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Keating would collect as much as $180,388, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Keating received $3,791 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Keating will have already received $3,791 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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