Former state school employee Courtney paid in $32K to teachers' pension fund, could collect $1.11M in retirement

By Local Labs News Service

Dec 1, 2016

Former state school employee Gretchen Courtney, who retired in November 2016, saved $31,509 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Courtney would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Courtney received $23,236 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Courtney will have already received $47,169 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elgin Area School District U46

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