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North Cook News

Thursday, April 25, 2024

Former state school employee Motyka paid in $71K to teachers' pension fund, could collect $956K in retirement

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Former state school employee Margaret Motyka, who retired in June 2016, saved $70,989 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Motyka would collect as much as $955,586, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Motyka received $20,085 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Motyka will have already received $84,030 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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