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Metro East Sun

Tuesday, December 24, 2024

Former state school employee Buckels paid in $105K to teachers' pension fund, could collect $1.83M in retirement

Money 01

Former state school employee Ida Buckels, who retired in June 2016, saved $105,496 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Buckels would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Buckels received $38,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Buckels will have already received $119,117 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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