Former state school employee Richards paid in $246K to teachers' pension fund, could collect $5.99M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Jane Richards, who retired in June 2016, saved $246,466 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Richards would collect as much as $5.99 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Richards received $125,831 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Richards will have already received $255,437 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Palatine School District 211

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