Quantcast

South Cook News

Thursday, April 25, 2024

Former state school employee Larocque paid in $59K to teachers' pension fund, could collect $1.13M in retirement

Shutterstock 443523118

Former state school employee Nancy Larocque, who retired in June 2016, saved $59,456 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Larocque would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Larocque received $23,680 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Larocque will have already received $73,192 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS