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Chambana Sun

Sunday, November 24, 2024

Former state school employee Pinkerton paid in $107K to teachers' pension fund, could collect $1.8M in retirement

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Former state school employee Gary Pinkerton, who retired in June 2017, saved $107,197 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pinkerton would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Pinkerton received $37,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pinkerton will have already received $116,872 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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