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North Cook News

Sunday, June 2, 2024

Former state school employee Ofcky paid in $262K to teachers' pension fund, could collect $5.77M in retirement

Money 02

Former state school employee Deborah Ofcky, who retired in June 2017, saved $261,937 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ofcky would collect as much as $5.77 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ofcky received $121,240 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ofcky will have already received $374,740 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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