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South Cook News

Monday, May 20, 2024

Former state school employee Walker paid in $131K to teachers' pension fund, could collect $2.26M in retirement

Money272

Former state school employee Bonnie Walker, who retired in June 2017, saved $130,855 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Walker would collect as much as $2.26 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Walker received $47,445 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walker will have already received $146,647 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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