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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Nodeen paid in $65K to teachers' pension fund, could collect $1.24M in retirement

Money 02

Former state school employee Marsha Nodeen, who retired in May 2016, saved $65,237 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nodeen would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Nodeen received $25,982 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nodeen will have already received $80,307 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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