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Former state school employee Danko paid in $12K to teachers' pension fund, could collect $632K in retirement

Schools

By Rock Island Today Reports | Feb 1, 2016

Money 02

Former state school employee Karen Danko, who retired in January 2016, saved $12,365 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Danko would collect as much as $632,414, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Danko received $13,292 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Danko will have already received $13,292 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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