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North Cook News

Sunday, November 24, 2024

Former state school employee Ebert paid in $15K to teachers' pension fund, could collect $599K in retirement

Money 08

Former state school employee Kathryn Ebert, who retired in March 2016, saved $14,872 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ebert would collect as much as $598,925, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ebert received $12,588 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ebert will have already received $25,554 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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