Former state school employee Ramsey paid in $96K to teachers' pension fund, could collect $1.65M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Karen Ramsey, who retired in June 2016, saved $96,166 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ramsey would collect as much as $1.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Ramsey received $34,695 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ramsey will have already received $107,239 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate