Former state school employee Corcoran paid in $751 to teachers' pension fund, could collect $33K in retirement

By Local Labs News Service

Apr 1, 2016

Former state school employee Martha Corcoran, who retired in March 2016, saved $751 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Corcoran would collect as much as $32,838, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Corcoran received $690 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Corcoran will have already received $1,401 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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