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Galesburg Reporter

Sunday, November 24, 2024

Former state school employee Finch paid in $88K to teachers' pension fund, could collect $2.09M in retirement

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Former state school employee Lynn Finch, who retired in May 2018, saved $87,764 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Finch would collect as much as $2.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Finch received $43,843 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Finch will have already received $89,001 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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