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South Cook News

Friday, May 17, 2024

Former state school employee Chwierut paid in $166K to teachers' pension fund, could collect $3.76M in retirement

Money 04

Former state school employee Barbara Chwierut, who retired in June 2018, saved $166,384 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Chwierut would collect as much as $3.76 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Chwierut received $79,057 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chwierut will have already received $244,358 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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