Quantcast

North Cook News

Tuesday, April 1, 2025

Former state school employee Ostrowski paid in $245K to teachers' pension fund, could collect $5.42M in retirement

Money 07

Former state school employee John Ostrowski, who retired in June 2016, saved $244,806 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ostrowski would collect as much as $5.42 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ostrowski received $113,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ostrowski will have already received $352,075 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS