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West Cook News

Monday, December 23, 2024

Former state school employee Czajka paid in $158K to teachers' pension fund, could collect $3.25M in retirement

Money 01

Former state school employee Laura Czajka, who retired in June 2016, saved $158,285 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Czajka would collect as much as $3.25 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Czajka received $68,356 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Czajka will have already received $211,282 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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