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South Cook News

Saturday, May 4, 2024

Former state school employee Dickinson paid in $209K to teachers' pension fund, could collect $3.38M in retirement

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Former state school employee Phyllis Dickinson, who retired in May 2016, saved $208,876 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dickinson would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Dickinson received $71,115 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dickinson will have already received $219,808 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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