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North Cook News

Friday, April 26, 2024

Former state school employee Ungar paid in $169K to teachers' pension fund, could collect $3.94M in retirement

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Former state school employee Barbara Ungar, who retired in June 2016, saved $169,334 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ungar would collect as much as $3.94 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ungar received $82,801 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ungar will have already received $255,930 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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