North Cook News

North Cook News

Thursday, January 23, 2020

Former state school employee Barone paid in $156K to teachers' pension fund, could collect $3.1M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Shutterstock 225154648

Former state school employee Harriet Barone, who retired in June 2018, saved $155,766 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, Barone would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Barone received $65,073 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barone will have already received $201,134 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about East Maine School District 63 ?

Sign-up Next time we write about East Maine School District 63, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

East Maine School District 63

More News