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North Cook News

Saturday, November 23, 2024

Former state school employee Constien paid in $263K to teachers' pension fund, could collect $6.13M in retirement

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Former state school employee Janet Constien, who retired in July 2016, saved $263,350 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Constien would collect as much as $6.13 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Constien received $128,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Constien will have already received $398,528 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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