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Kendall County Times

Friday, November 22, 2024

Former state school employee Bloome paid in $106K to teachers' pension fund, could collect $1.65M in retirement

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Former state school employee Margaret Bloome, who retired in May 2017, saved $106,490 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bloome would collect as much as $1.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Bloome received $34,647 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bloome will have already received $107,090 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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