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South Cook News

Thursday, April 18, 2024

Former state school employee Harris paid in $38K to teachers' pension fund, could collect $1.3M in retirement

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Former state school employee Wanda Harris, who retired in July 2016, saved $38,241 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harris would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Harris received $27,378 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Harris will have already received $55,577 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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