Former state school employee Kline paid in $128K to teachers' pension fund, could collect $2.3M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Phillip Kline, who retired in June 2016, saved $128,280 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, Kline would collect as much as $2.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Kline received $48,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kline will have already received $149,438 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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