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Lake County Gazette

Wednesday, May 29, 2024

Former state school employee Dwyer paid in $140K to teachers' pension fund, could collect $2.69M in retirement

Money759

Former state school employee Terese Dwyer, who retired in May 2017, saved $139,823 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dwyer would collect as much as $2.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Dwyer received $56,525 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dwyer will have already received $174,714 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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