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North Cook News

Monday, June 17, 2024

Former state school employee Judson paid in $285K to teachers' pension fund, could collect $6.26M in retirement

Money272

Former state school employee Gary Judson, who retired in June 2018, saved $284,536 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Judson would collect as much as $6.26 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Judson received $131,628 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Judson will have already received $406,849 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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