Quantcast

South Cook News

Wednesday, December 25, 2024

Former state school employee Francis paid in $148K to teachers' pension fund, could collect $3.35M in retirement

Shutterstock 443523112

Former state school employee Molly Francis, who retired in May 2018, saved $147,837 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Francis would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Francis received $70,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Francis will have already received $217,846 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS