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South Cook News

Friday, April 26, 2024

Former state school employee Barg paid in $32K to teachers' pension fund, could collect $838K in retirement

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Former state school employee Amy Barg, who retired in March 2018, saved $31,926 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Barg would collect as much as $838,065, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Barg received $17,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Barg will have already received $35,758 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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