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North Cook News

Monday, November 4, 2024

Former state school employee Reichart paid in $209K to teachers' pension fund, could collect $4.28M in retirement

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Former state school employee Carol Reichart, who retired in June 2018, saved $209,159 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reichart would collect as much as $4.28 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Reichart received $89,875 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reichart will have already received $277,794 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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