Quantcast

North Cook News

Tuesday, November 26, 2024

Former state school employee Duggan paid in $16K to teachers' pension fund, could collect $482K in retirement

Shutterstock 267646277

Former state school employee Kathleen Duggan, who retired in April 2016, saved $15,814 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, Duggan would collect as much as $482,226, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Duggan received $10,136 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Duggan will have already received $20,576 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS