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West Central Reporter

Saturday, November 23, 2024

Former state school employee Brooks paid in $123K to teachers' pension fund, could collect $2.36M in retirement

Money 07

Former state school employee Carol Brooks, who retired in May 2016, saved $123,134 toward a pension over 35 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 $2.36 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Brooks received $49,695 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brooks will have already received $153,603 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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