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McHenry Times

Monday, November 25, 2024

Former state school employee Vanderpoel paid in $104K to teachers' pension fund, could collect $1.95M in retirement

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Former state school employee Gail Vanderpoel, who retired in May 2016, saved $104,354 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, Vanderpoel would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Vanderpoel received $41,044 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vanderpoel will have already received $126,862 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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