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Will County Gazette

Saturday, November 23, 2024

Former state school employee Crawford paid in $57K to teachers' pension fund, could collect $941K in retirement

Money 07

Former state school employee Patrick Crawford, who retired in July 2016, saved $57,212 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Crawford would collect as much as $941,439, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Crawford received $19,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Crawford will have already received $61,163 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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