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West Cook News

Saturday, November 23, 2024

Former state school employee Rose paid in $187K to teachers' pension fund, could collect $3.67M in retirement

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Former state school employee Laura Rose, who retired in May 2016, saved $187,225 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rose would collect as much as $3.67 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Rose received $77,130 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rose will have already received $238,401 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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