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South Cook News

Friday, December 27, 2024

Former state school employee Cook paid in $213K to teachers' pension fund, could collect $4.35M in retirement

Money272

Former state school employee Peter Cook, who retired in June 2016, saved $212,930 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cook would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Cook received $91,513 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cook will have already received $282,857 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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