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West Cook News

Monday, December 23, 2024

Former state school employee Delaney paid in $112K to teachers' pension fund, could collect $2.38M in retirement

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Former state school employee Kathleen Delaney, who retired in June 2016, saved $111,907 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Delaney would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Delaney received $50,031 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Delaney will have already received $154,641 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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