Quantcast

Kankakee Times

Monday, May 20, 2024

Former state school employee Muehling paid in $113K to teachers' pension fund, could collect $2.57M in retirement

Shutterstock 443523118

Former state school employee Kathie Muehling, who retired in June 2016, saved $113,025 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Muehling would collect as much as $2.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Muehling received $53,997 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Muehling will have already received $166,900 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS