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Chambana Sun

Monday, November 25, 2024

Former state school employee Broadrick paid in $115K to teachers' pension fund, could collect $2.54M in retirement

Money 04

Former state school employee Nicolea Broadrick, who retired in June 2016, saved $115,085 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Broadrick would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Broadrick received $53,337 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Broadrick will have already received $164,859 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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