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McLean County Times

Wednesday, April 24, 2024

Former state school employee Costa paid in $78K to teachers' pension fund, could collect $2.12M in retirement

Money 05

Former state school employee Joanne Costa, who retired in May 2017, saved $77,675 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, Costa would collect as much as $2.12 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Costa received $44,659 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Costa will have already received $90,658 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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