North Cook News

North Cook News

Saturday, March 28, 2020

Former state school employee Funk paid in $177K to teachers' pension fund, could collect $3.35M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Shutterstock 121161052

Former state school employee Fern Funk, who retired in June 2016, saved $176,686 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Funk would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Funk received $70,428 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Funk will have already received $217,686 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Niles Elementary School District 71 ?

Sign-up Next time we write about Niles Elementary School District 71, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Niles Elementary School District 71

More News