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Rock Island Today

Friday, April 19, 2024

Former state school employee Toland paid in $135K to teachers' pension fund, could collect $2.29M in retirement

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Former state school employee Brenda Toland, who retired in August 2017, saved $135,487 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Toland would collect as much as $2.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Toland received $48,148 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Toland will have already received $148,820 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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