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Kendall County Times

Saturday, April 20, 2024

Former state school employee Fitzgerald paid in $83K to teachers' pension fund, could collect $997K in retirement

Money 04

Former state school employee Margaret Fitzgerald, who retired in May 2016, saved $83,396 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, Fitzgerald would collect as much as $996,868, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Fitzgerald received $20,953 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fitzgerald will have already received $87,660 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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