North Cook News

North Cook News

Wednesday, April 8, 2020

Former state school employee Dake paid in $6K to teachers' pension fund, could collect $160K in retirement


By Local Labs News Service | Dec 1, 2018

Money 06

Former state school employee Sharon Dake, who retired in November 2018, saved $6,470 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dake would collect as much as $159,642, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Dake received $3,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dake will have already received $6,811 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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