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Macon Reporter

Sunday, November 24, 2024

Former state school employee Burdick paid in $117K to teachers' pension fund, could collect $2.95M in retirement

Money 02

Former state school employee Denise Burdick, who retired in June 2017, saved $117,066 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burdick would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Burdick received $61,980 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Burdick will have already received $125,819 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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