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North Cook News

Friday, April 19, 2024

Former state school employee Awe paid in $34K to teachers' pension fund, could collect $699K in retirement

Money759

Former state school employee Carol Awe, who retired in January 2018, saved $33,678 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Awe would collect as much as $698,861, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Awe received $14,689 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Awe will have already received $45,403 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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