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North Cook News

Saturday, November 23, 2024

Former state school employee Sinclair paid in $16K to teachers' pension fund, could collect $930K in retirement

Money 08

Former state school employee Mary Sinclair, who retired in July 2016, saved $15,759 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, Sinclair would collect as much as $930,209, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Sinclair received $19,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sinclair will have already received $19,552 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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