Former state school employee Sanders paid in $117K to teachers' pension fund, could collect $1.56M in retirement

By Local Labs News Service

Oct 1, 2016

Former state school employee Karen Sanders, who retired in September 2016, saved $117,122 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sanders would collect as much as $1.56 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Sanders received $32,892 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sanders will have already received $137,608 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Freeport School District 145 Board

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