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Will County Gazette

Saturday, November 23, 2024

Former state school employee Doyle paid in $43K to teachers' pension fund, could collect $654K in retirement

Money 08

Former state school employee Karen Doyle, who retired in June 2016, saved $43,150 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Doyle would collect as much as $653,549, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Doyle received $13,737 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Doyle will have already received $57,469 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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