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North Cook News

Saturday, November 23, 2024

Former state school employee Henson paid in $191K to teachers' pension fund, could collect $4.47M in retirement

Money 06

Former state school employee Dorothy Henson, who retired in June 2018, saved $191,071 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Henson would collect as much as $4.47 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Henson received $93,952 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henson will have already received $290,397 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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