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Chambana Sun

Monday, November 25, 2024

Former state school employee Strang paid in $68K to teachers' pension fund, could collect $859K in retirement

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Former state school employee Nancy Strang, who retired in June 2016, saved $67,947 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, Strang would collect as much as $859,103, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Strang received $18,057 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Strang will have already received $75,545 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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