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South Cook News

Sunday, June 16, 2024

Former state school employee Cruikshank paid in $139K to teachers' pension fund, could collect $3.22M in retirement

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Former state school employee Sharon Cruikshank, who retired in June 2017, saved $139,275 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cruikshank would collect as much as $3.22 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Cruikshank received $67,730 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cruikshank will have already received $209,347 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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