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West Cook News

Friday, November 22, 2024

Former state school employee Vogel paid in $142K to teachers' pension fund, could collect $1.98M in retirement

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Former state school employee Mary Vogel, who retired in May 2016, saved $141,912 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Vogel would collect as much as $1.98 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Vogel received $41,618 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Vogel will have already received $174,116 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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