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South Cook News

Tuesday, November 26, 2024

Former state school employee Kelly paid in $11K to teachers' pension fund, could collect $584K in retirement

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Former state school employee Margaret Kelly, who retired in February 2017, saved $11,112 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $584,424, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kelly received $12,284 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Kelly will have already received $12,284 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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