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North Cook News

Monday, June 17, 2024

Former state school employee Bednarski paid in $219K to teachers' pension fund, could collect $3.92M in retirement

Money 02

Former state school employee Patricia Bednarski, who retired in June 2018, saved $219,039 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bednarski would collect as much as $3.92 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Bednarski received $82,428 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bednarski will have already received $254,777 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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