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East Central Reporter

Thursday, December 26, 2024

Former state school employee Patterson paid in $73K to teachers' pension fund, could collect $1.44M in retirement

Money272

Former state school employee Jeanne Patterson, who retired in May 2016, saved $72,660 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Patterson would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Patterson received $30,314 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Patterson will have already received $93,697 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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