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North Cook News

Wednesday, April 24, 2024

Former state school employee Claunch paid in $42K to teachers' pension fund, could collect $558K in retirement

Money 07

Former state school employee Lori Claunch, who retired in July 2017, saved $42,003 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Claunch would collect as much as $558,390, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Claunch received $11,736 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Claunch will have already received $49,100 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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