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North Cook News

Friday, November 22, 2024

Former state school employee Ladd paid in $4K to teachers' pension fund, could collect $85K in retirement

Money 03

Former state school employee Patricia Ladd, who retired in February 2016, saved $4,409 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ladd would collect as much as $84,625, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ladd received $1,778 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ladd will have already received $5,495 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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