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West Cook News

Saturday, April 20, 2024

Former state school employee Maas paid in $94K to teachers' pension fund, could collect $1.84M in retirement

Money 01

Former state school employee Sally Maas, who retired in June 2018, saved $94,134 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Maas would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Maas received $38,619 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Maas will have already received $119,368 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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