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Galesburg Reporter

Saturday, November 23, 2024

Former state school employee Burrier paid in $62K to teachers' pension fund, could collect $975K in retirement

Money 07

Former state school employee Ranell Burrier, who retired in October 2018, saved $62,071 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burrier would collect as much as $975,168, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Burrier received $20,497 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burrier will have already received $63,354 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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