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South Cook News

Friday, April 19, 2024

Former state school employee Golob paid in $170K to teachers' pension fund, could collect $3.59M in retirement

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Former state school employee Joyce Golob, who retired in June 2018, saved $169,784 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, Golob would collect as much as $3.59 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Golob received $75,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Golob will have already received $233,081 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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