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Macon Reporter

Sunday, December 22, 2024

Former state school employee Flanagan paid in $112K to teachers' pension fund, could collect $2.16M in retirement

Money 01

Former state school employee Celeste Flanagan, who retired in May 2017, saved $112,233 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, Flanagan would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Flanagan received $45,317 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Flanagan will have already received $140,071 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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