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Chambana Sun

Sunday, November 24, 2024

Former state school employee Kempe paid in $155K to teachers' pension fund, could collect $2.07M in retirement

Money 07

Former state school employee Rebecca Kempe, who retired in June 2017, saved $155,200 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kempe would collect as much as $2.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Kempe received $43,577 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kempe will have already received $182,310 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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