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Chambana Sun

Saturday, November 23, 2024

Former state school employee Brackmann paid in $178K to teachers' pension fund, could collect $3.66M in retirement

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Former state school employee Eric Brackmann, who retired in July 2017, saved $177,990 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brackmann would collect as much as $3.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Brackmann received $76,947 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brackmann will have already received $237,835 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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