Quantcast

North Cook News

Friday, April 19, 2024

Former state school employee Green paid in $169K to teachers' pension fund, could collect $2.99M in retirement

Money272

Former state school employee Timothy Green, who retired in May 2018, saved $169,407 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, Green would collect as much as $2.99 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Green received $62,794 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Green will have already received $194,090 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS