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McLean County Times

Thursday, April 25, 2024

Former state school employee Bammann paid in $134K to teachers' pension fund, could collect $2.83M in retirement

Money 02

Former state school employee Marla Bammann, who retired in May 2017, saved $134,256 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, Bammann would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Bammann received $59,482 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bammann will have already received $183,852 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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