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West Cook News

Monday, November 18, 2024

Former state school employee Even paid in $150K to teachers' pension fund, could collect $3.41M in retirement

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Former state school employee Patricia Even, who retired in July 2017, saved $149,547 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Even would collect as much as $3.41 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Even received $71,764 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Even will have already received $221,816 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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