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South Cook News

Thursday, December 26, 2024

Former state school employee Zorns paid in $120K to teachers' pension fund, could collect $2.89M in retirement

Money 04

Former state school employee Susan Zorns, who retired in June 2016, saved $119,631 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zorns would collect as much as $2.89 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Zorns received $60,730 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zorns will have already received $123,282 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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