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South Cook News

Thursday, December 26, 2024

Former state school employee Finn paid in $177K to teachers' pension fund, could collect $3.79M in retirement

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Former state school employee Cheryl Finn, who retired in June 2016, saved $177,272 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Finn would collect as much as $3.79 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Finn received $79,578 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Finn will have already received $245,967 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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