South Cook News

South Cook News

Wednesday, February 19, 2020

Former state school employee Cernick paid in $213K to teachers' pension fund, could collect $3.8M in retirement

Schools

By Local Labs News Service | Jun 1, 2017

Money 07

Former state school employee Christine Cernick, who retired in May 2017, saved $213,389 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cernick would collect as much as $3.8 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Cernick received $79,793 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cernick will have already received $246,633 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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