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West Cook News

Saturday, November 23, 2024

Former state school employee Ostrowski paid in $139K to teachers' pension fund, could collect $2.48M in retirement

Money 04

Former state school employee Phyllis Ostrowski, who retired in May 2016, saved $138,968 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, Ostrowski would collect as much as $2.48 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Ostrowski received $52,172 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ostrowski will have already received $161,258 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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