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West Cook News

Monday, November 25, 2024

Former state school employee Berrios paid in $198K to teachers' pension fund, could collect $4.67M in retirement

Money 06

Former state school employee Elsa Berrios, who retired in July 2016, saved $198,230 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Berrios would collect as much as $4.67 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Berrios received $98,128 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Berrios will have already received $199,200 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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