Quantcast

North Cook News

Monday, November 25, 2024

Kenilworth SD 38 Brothers paid in $98K to teachers pension fund, could collect $2.2 million in retirement

Money 03

Retired Kenilworth SD 38 employee Janet Brothers saved $97,904 toward her pension over 20 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.

Over 35 years of retirement, Brothers would collect as much as $2.167 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

Brothers, 60, who currently lives in Northbrook, earned $98,933 in her final year at Kenilworth SD 38.

The projection assumes Brothers will receive 33.9 percent of that total - $33,582 - in her first year of retirement, then 3 percent annual increases thereafter, compounded.

After three years of retirement, Brothers will have already received $103,799 in retirement benefits, or more than the sum total of her contributions to the state teachers' pension fund.

According to the Illinois State Board of Education (ISBE), 75 percent of Kenilworth SD 38 students met or exceeded the standards for the "PARCC" exams.

MORE NEWS