Former state school employee Buchanan paid in $99K to teachers' pension fund, could collect $2.13M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Kathleen Buchanan, who retired in May 2016, saved $99,249 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Buchanan would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Buchanan received $44,729 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Buchanan will have already received $138,253 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Dixon Unit School District 170

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