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Chambana Sun

Saturday, November 23, 2024

Former state school employee Siddens paid in $6K to teachers' pension fund, could collect $138K in retirement

Money 08

Former state school employee Betty Siddens, who retired in May 2016, saved $6,475 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Siddens would collect as much as $137,873, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Siddens received $2,898 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Siddens will have already received $8,958 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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