South Cook News

South Cook News

Tuesday, February 18, 2020

Former state school employee Clark paid in $339 to teachers' pension fund, could collect $68K in retirement


By Local Labs News Service | Jul 1, 2016

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Former state school employee Nancy Clark, who retired in June 2016, saved $339 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $68,308, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Clark received $1,435 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Clark will have already received $1,435 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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