Former state school employee Peterson paid in $14K to teachers' pension fund, could collect $369K in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Jackie Peterson, who retired in December 2016, saved $13,705 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Peterson would collect as much as $368,810, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Peterson received $7,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Peterson will have already received $15,737 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Mount Prospect School District 57 Board

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