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North Cook News

Monday, November 25, 2024

Former state school employee Poland paid in $84K to teachers' pension fund, could collect $1.54M in retirement

Money 02

Former state school employee Michelle Poland, who retired in October 2016, saved $84,377 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Poland would collect as much as $1.54 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Poland received $32,396 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Poland will have already received $100,133 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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