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DeKalb Times

Sunday, December 22, 2024

Former state school employee Cooper paid in $33K to teachers' pension fund, could collect $649K in retirement

Money 02

Former state school employee Gwendolyn Cooper, who retired in August 2016, saved $32,955 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cooper would collect as much as $649,335, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Cooper received $13,648 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cooper will have already received $42,184 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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