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North Cook News

Sunday, June 1, 2025

Former state school employee Burke paid in $406K to teachers' pension fund, could collect $6.19M in retirement

Money272

Former state school employee Michael Burke, who retired in June 2018, saved $405,725 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burke would collect as much as $6.19 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Burke received $130,093 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Burke will have already received $544,261 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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