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West Cook News

Friday, April 19, 2024

Former state school employee Whaley paid in $168K to teachers' pension fund, could collect $2.39M in retirement

Money 08

Former state school employee Elizabeth Whaley, who retired in June 2018, saved $168,404 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, Whaley would collect as much as $2.39 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Whaley received $50,138 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Whaley will have already received $209,758 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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