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South Cook News

Saturday, May 4, 2024

Former state school employee Kohn paid in $191K to teachers' pension fund, could collect $2.95M in retirement

Money 04

Former state school employee Jerome Kohn, who retired in May 2016, saved $190,924 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kohn would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kohn received $61,910 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kohn will have already received $191,357 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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