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East Central Reporter

Monday, May 20, 2024

Former state school employee Brooks paid in $40K to teachers' pension fund, could collect $663K in retirement

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Former state school employee Mary Brooks, who retired in May 2017, saved $39,674 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brooks would collect as much as $663,203, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Brooks received $13,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brooks will have already received $43,087 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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