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Chambana Sun

Sunday, November 24, 2024

Former state school employee Aldridge paid in $145K to teachers' pension fund, could collect $2.48M in retirement

Money759

Former state school employee Suzanne Aldridge, who retired in June 2017, saved $145,388 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Aldridge would collect as much as $2.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Aldridge received $52,141 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Aldridge will have already received $161,162 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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