Former state school employee Montgomery paid in $50K to teachers' pension fund, could collect $724K in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Ellen Montgomery, who retired in June 2017, saved $49,535 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Montgomery would collect as much as $724,472, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Montgomery received $15,227 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Montgomery will have already received $63,706 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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