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South Cook News

Tuesday, April 23, 2024

Former state school employee Regan paid in $6K to teachers' pension fund, could collect $86K in retirement

Money041

Former state school employee Joyce Regan, who retired in May 2018, saved $6,399 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Regan would collect as much as $86,309, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Regan received $1,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Regan will have already received $7,588 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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