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North Cook News

Wednesday, November 6, 2024

Former state school employee Dohmeier paid in $105K to teachers' pension fund, could collect $2.59M in retirement

Money759

Former state school employee Mary Dohmeier, who retired in July 2016, saved $104,620 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dohmeier would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Dohmeier received $54,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Dohmeier will have already received $110,712 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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