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West Cook News

Thursday, April 18, 2024

Former state school employee Orlowski paid in $141K to teachers' pension fund, could collect $3.04M in retirement

Money759

Former state school employee Mary Orlowski, who retired in June 2017, saved $140,964 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Orlowski would collect as much as $3.04 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Orlowski received $63,956 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Orlowski will have already received $197,682 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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