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South Cook News

Tuesday, November 26, 2024

Former state school employee Gleason paid in $82K to teachers' pension fund, could collect $1.32M in retirement

Money 03

Former state school employee Patricia Gleason, who retired in February 2017, saved $81,522 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gleason would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Gleason received $27,714 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gleason will have already received $85,660 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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