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South Cook News

Friday, April 19, 2024

Former state school employee Christian paid in $36K to teachers' pension fund, could collect $621K in retirement

Money 07

Former state school employee William Christian, who retired in October 2018, saved $35,625 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Christian would collect as much as $621,338, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Christian received $13,060 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Christian will have already received $40,368 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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