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West Cook News

Tuesday, November 26, 2024

Former state school employee Donald paid in $76K to teachers' pension fund, could collect $1.57M in retirement

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Former state school employee Patricia Donald, who retired in May 2016, saved $76,337 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Donald would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Donald received $33,062 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Donald will have already received $102,192 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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