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Thursday, February 27, 2020

Former state school employee Weadley paid in $184K to teachers' pension fund, could collect $3.45M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Catherine Weadley, who retired in June 2018, saved $183,871 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Weadley would collect as much as $3.45 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Weadley received $72,501 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weadley will have already received $224,093 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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