Dupage Policy Journal

Dupage Policy Journal

Wednesday, December 11, 2019

Former state school employee Rooney paid in $92K to teachers' pension fund, could collect $1.62M in retirement

Schools

By Local Labs News Service | Jun 1, 2018

Money 08

Former state school employee Paula Rooney, who retired in May 2018, saved $92,350 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rooney would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Rooney received $34,019 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rooney will have already received $105,150 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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