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Former state school employee Pipal Botana paid in $86K to teachers' pension fund, could collect $1.38M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former state school employee Margaret Pipal Botana, who retired in December 2017, saved $85,974 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pipal Botana would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Pipal Botana received $29,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pipal Botana will have already received $89,969 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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