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South Cook News

Sunday, May 19, 2024

Former state school employee Rowley paid in $154K to teachers' pension fund, could collect $3.54M in retirement

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Former state school employee Barbara Rowley, who retired in June 2016, saved $153,912 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rowley would collect as much as $3.54 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Rowley received $74,479 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rowley will have already received $230,206 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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