Danville CCSD 118 Cork paid in $153K to teachers pension fund, could collect $4.1 million in retirement
Retired Danville CCSD 118 employee Terri Cork saved $152,804 toward her pension over 38 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.
Over 40 years of retirement, Cork would collect as much as $4.129 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.
Cork, 55, who currently lives in Danville, earned $88,865 in her final year at Danville CCSD 118.
The projection assumes Cork will receive 58.5 percent of that total - $51,967 - in her first year of retirement, then 3 percent annual increases thereafter, compounded.
After three years of retirement, Cork will have already received $160,624 in retirement benefits, or more than the sum total of her contributions to the state teachers' pension fund.
According to the Illinois State Board of Education (ISBE), 15.8 percent of Danville CCSD 118 students met or exceeded the standards for the "PARCC" exams. ISBE reported that 29.9 percent of district's graduates were deemed "college ready" last year.