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South Cook News

Friday, December 27, 2024

Former state school employee Andrews paid in $128K to teachers' pension fund, could collect $2.59M in retirement

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Former state school employee Kathleen Andrews, who retired in June 2016, saved $128,235 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andrews would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Andrews received $54,399 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andrews will have already received $168,142 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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