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Kankakee Times

Thursday, April 25, 2024

Former state school employee Boudreau paid in $72K to teachers' pension fund, could collect $1.52M in retirement

Money 05

Former state school employee Barbara Boudreau, who retired in May 2017, saved $71,940 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Boudreau would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Boudreau received $31,922 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Boudreau will have already received $98,668 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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