South Cook News

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Sunday, December 8, 2019

Former state school employee Beal paid in $135K to teachers' pension fund, could collect $2.22M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 01

Former state school employee Connie Beal, who retired in December 2017, saved $135,053 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Beal would collect as much as $2.22 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Beal received $46,663 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Beal will have already received $144,231 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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