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North Egypt News

Thursday, November 21, 2024

Former state school employee Bagwell paid in $117K to teachers' pension fund, could collect $2.57M in retirement

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Former state school employee Patricia Bagwell, who retired in October 2017, saved $116,772 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bagwell would collect as much as $2.57 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Bagwell received $54,039 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bagwell will have already received $167,029 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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