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West Cook News

Tuesday, November 26, 2024

Former state school employee Lidd paid in $39K to teachers' pension fund, could collect $588K in retirement

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Former state school employee Mary Lidd, who retired in October 2018, saved $38,582 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lidd would collect as much as $588,140, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Lidd received $12,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lidd will have already received $51,718 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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