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North Cook News

Wednesday, April 24, 2024

Former state school employee Wilson paid in $244K to teachers' pension fund, could collect $6.57M in retirement

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Former state school employee Debra Wilson, who retired in July 2017, saved $244,182 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wilson would collect as much as $6.57 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Wilson received $138,097 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wilson will have already received $280,337 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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