South Cook News

South Cook News

Wednesday, February 26, 2020

Former state school employee Chirillo paid in $51K to teachers' pension fund, could collect $697K in retirement

Schools

By Local Labs News Service | Jul 1, 2017

Money836

Former state school employee Barbara Chirillo, who retired in June 2017, saved $50,716 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Chirillo would collect as much as $696,743, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Chirillo received $14,645 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Chirillo will have already received $61,269 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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