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Will County Gazette

Sunday, November 24, 2024

Former state school employee Tracy paid in $1K to teachers' pension fund, could collect $45K in retirement

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Former state school employee Beth Tracy, who retired in December 2016, saved $1,448 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tracy would collect as much as $45,027, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Tracy received $946 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tracy will have already received $1,920 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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