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West Cook News

Friday, April 19, 2024

Former state school employee Sgro paid in $114K to teachers' pension fund, could collect $2.83M in retirement

Money 08

Former state school employee Elise Sgro, who retired in June 2017, saved $113,597 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sgro would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Sgro received $59,516 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sgro will have already received $120,817 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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