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North Cook News

Friday, April 19, 2024

Former state school employee Clindaniel paid in $224K to teachers' pension fund, could collect $3.17M in retirement

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Former state school employee Karen Clindaniel, who retired in May 2018, saved $223,674 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clindaniel would collect as much as $3.17 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Clindaniel received $66,602 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clindaniel will have already received $278,638 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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