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Metro East Sun

Friday, November 22, 2024

Former state school employee Vankuiken paid in $5K to teachers' pension fund, could collect $346K in retirement

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Former state school employee Kathie Vankuiken, who retired in April 2016, saved $5,467 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Vankuiken would collect as much as $346,373, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Vankuiken received $7,280 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Vankuiken will have already received $7,280 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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