Quantcast

Macon Reporter

Monday, December 23, 2024

Former state school employee Frigy paid in $25K to teachers' pension fund, could collect $650K in retirement

Shutterstock 121161052

Former state school employee Elizabeth Frigy, who retired in May 2017, saved $24,517 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Frigy would collect as much as $649,621, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Frigy received $13,654 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Frigy will have already received $27,718 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS