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West Cook News

Monday, November 25, 2024

Former state school employee White paid in $71K to teachers' pension fund, could collect $1.35M in retirement

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Former state school employee Kathleen White, who retired in September 2016, saved $70,590 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, White would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes White received $28,418 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, White will have already received $87,838 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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