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North Cook News

Monday, November 25, 2024

Former state school employee Gatlin paid in $13K to teachers' pension fund, could collect $216K in retirement

Money 05

Former state school employee Judith Gatlin, who retired in October 2016, saved $13,035 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gatlin would collect as much as $216,201, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Gatlin received $4,544 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gatlin will have already received $14,044 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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