Former state school employee Crudup paid in $117K to teachers' pension fund, could collect $2.49M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Jerry Crudup, who retired in May 2016, saved $116,899 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Crudup would collect as much as $2.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Crudup received $52,403 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Crudup will have already received $161,972 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Public School District 86

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