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West Cook News

Friday, April 19, 2024

Former state school employee Duffy paid in $115K to teachers' pension fund, could collect $1.82M in retirement

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Former state school employee Patricia Duffy, who retired in June 2017, saved $114,890 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Duffy would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Duffy received $38,198 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Duffy will have already received $118,066 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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