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West Cook News

Monday, December 23, 2024

Former state school employee Frazier paid in $15K to teachers' pension fund, could collect $273K in retirement

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Former state school employee Felicia Frazier, who retired in June 2016, saved $15,388 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Frazier would collect as much as $273,360, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Frazier received $5,745 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Frazier will have already received $17,757 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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