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Kankakee Times

Wednesday, November 27, 2024

Former state school employee Sutherland paid in $131K to teachers' pension fund, could collect $2.58M in retirement

Money272

Former state school employee Christine Sutherland, who retired in May 2017, saved $130,561 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sutherland would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Sutherland received $54,252 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sutherland will have already received $167,688 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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