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Metro East Sun

Friday, April 19, 2024

Former state school employee Sweeney paid in $197K to teachers' pension fund, could collect $4.39M in retirement

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Former state school employee Sandra Sweeney, who retired in July 2017, saved $196,526 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, Sweeney would collect as much as $4.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Sweeney received $92,202 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sweeney will have already received $284,987 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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