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West Cook News

Tuesday, November 26, 2024

Former state school employee Dorsey paid in $8K to teachers' pension fund, could collect $425K in retirement

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Former state school employee Janice Dorsey, who retired in April 2017, saved $7,532 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dorsey would collect as much as $425,289, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Dorsey received $8,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Dorsey will have already received $8,939 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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