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North Cook News

Saturday, November 23, 2024

Former state school employee Bucsa paid in $188K to teachers' pension fund, could collect $4.29M in retirement

Money 06

Former state school employee Margaret Bucsa, who retired in July 2016, saved $187,762 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bucsa would collect as much as $4.29 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Bucsa received $90,078 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bucsa will have already received $278,421 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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