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McHenry Times

Saturday, April 20, 2024

Former state school employee Bedoya paid in $21K to teachers' pension fund, could collect $157K in retirement

Money 04

Former state school employee Carlos Bedoya, who retired in May 2016, saved $20,994 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bedoya would collect as much as $157,153, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Bedoya received $3,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Bedoya will have already received $21,364 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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