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Kankakee Times

Tuesday, November 26, 2024

Former state school employee Rhodes paid in $33K to teachers' pension fund, could collect $646K in retirement

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Former state school employee Nancy Rhodes, who retired in May 2017, saved $32,766 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, Rhodes would collect as much as $646,116, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Rhodes received $13,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rhodes will have already received $41,974 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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