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West Cook News

Saturday, April 20, 2024

Former state school employee Young paid in $201K to teachers' pension fund, could collect $4.37M in retirement

Money272

Former state school employee Jessica Young, who retired in June 2017, saved $201,154 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Young would collect as much as $4.37 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Young received $91,916 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Young will have already received $284,102 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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