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North Cook News

Thursday, November 14, 2024

Former state school employee Scalise paid in $20K to teachers' pension fund, could collect $959K in retirement

Money 02

Former state school employee Jeannette Scalise, who retired in February 2016, saved $20,270 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scalise would collect as much as $959,029, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Scalise received $20,158 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Scalise will have already received $40,921 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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