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South Cook News

Saturday, April 20, 2024

Former state school employee Birk paid in $11K to teachers' pension fund, could collect $459K in retirement

Money 01

Former state school employee Valerie Birk, who retired in December 2016, saved $11,122 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Birk would collect as much as $459,241, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Birk received $9,652 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Birk will have already received $19,594 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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