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West Cook News

Friday, April 26, 2024

Former state school employee Mattice paid in $79K to teachers' pension fund, could collect $1.83M in retirement

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Former state school employee Pamela Mattice, who retired in June 2018, saved $79,450 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mattice would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Mattice received $38,465 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mattice will have already received $118,892 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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