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South Cook News

Tuesday, April 16, 2024

Former state school employee Wilson paid in $229K to teachers' pension fund, could collect $5.89M in retirement

Money 01

Former state school employee Nancy Wilson, who retired in July 2016, saved $228,562 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wilson would collect as much as $5.89 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Wilson received $123,874 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wilson will have already received $251,464 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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