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Dupage Policy Journal

Thursday, April 18, 2024

Former state school employee Parks paid in $20K to teachers' pension fund, could collect $638K in retirement

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Former state school employee Joyce Parks, who retired in June 2018, saved $19,526 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Parks would collect as much as $638,003, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Parks received $13,410 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Parks will have already received $27,222 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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