Quantcast

South Cook News

Friday, April 26, 2024

Former state school employee Koehler paid in $107K to teachers' pension fund, could collect $2.44M in retirement

Money 08

Former state school employee Mary Koehler, who retired in June 2018, saved $106,621 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Koehler would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Koehler received $51,369 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Koehler will have already received $158,776 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS