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North Cook News

Wednesday, April 24, 2024

Former state school employee Cohen paid in $237K to teachers' pension fund, could collect $4.19M in retirement

Money 01

Former state school employee Cynthia Cohen, who retired in July 2017, saved $237,127 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cohen would collect as much as $4.19 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Cohen received $88,045 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cohen will have already received $272,138 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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