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East Central Reporter

Saturday, April 20, 2024

Former state school employee Medsker paid in $67K to teachers' pension fund, could collect $1.13M in retirement

Money 06

Former state school employee Nancy Medsker, who retired in May 2017, saved $67,391 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Medsker would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Medsker received $23,839 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Medsker will have already received $73,684 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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