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West Cook News

Saturday, April 20, 2024

Former state school employee Wilson paid in $168K to teachers' pension fund, could collect $3.37M in retirement

Money 06

Former state school employee Renee Wilson, who retired in May 2018, saved $168,459 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, Wilson would collect as much as $3.37 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Wilson received $70,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $219,111 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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