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West Cook News

Monday, November 25, 2024

Former state school employee Hendricks paid in $219K to teachers' pension fund, could collect $4.68M in retirement

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Former state school employee Rosemary Hendricks, who retired in May 2017, saved $219,042 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hendricks would collect as much as $4.68 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Hendricks received $98,281 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hendricks will have already received $303,776 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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