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West Central Reporter

Friday, April 19, 2024

Former state school employee Strang paid in $128K to teachers' pension fund, could collect $2.71M in retirement

Money 01

Former state school employee Barbara Strang, who retired in May 2018, saved $127,879 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Strang would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Strang received $56,980 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Strang will have already received $176,119 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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