Quantcast

North Cook News

Tuesday, November 26, 2024

Former state school employee Stanley paid in $22K to teachers' pension fund, could collect $603K in retirement

Money272

Former state school employee Jacalyn Stanley, who retired in April 2016, saved $21,915 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Stanley would collect as much as $603,029, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Stanley received $12,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stanley will have already received $25,730 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS