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North Cook News

Tuesday, April 16, 2024

Former state school employee Mentink paid in $78K to teachers' pension fund, could collect $1.34M in retirement

Money 08

Former state school employee Phyllis Mentink, who retired in August 2016, saved $78,203 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mentink would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Mentink received $28,074 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mentink will have already received $86,773 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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