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Chambana Sun

Thursday, April 25, 2024

Former state school employee Cooper paid in $147K to teachers' pension fund, could collect $3.08M in retirement

Money759

Former state school employee Dormie Cooper, who retired in June 2018, saved $147,453 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, Cooper would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cooper received $64,832 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cooper will have already received $200,389 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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